SOLUTION: Joe’s baseball team sold 200 chances to win a $250 set of golf clubs. What is the expected value of a single chance if only one chance wins?

Algebra ->  Probability-and-statistics -> SOLUTION: Joe’s baseball team sold 200 chances to win a $250 set of golf clubs. What is the expected value of a single chance if only one chance wins?      Log On


   

Question 364539: Joe’s baseball team sold 200 chances to win a $250 set of golf clubs. What is the expected value of a single chance if only one chance wins?
Answer by solver91311(24713) About Me  (Show Source):
You can put this solution on YOUR website!


Depends on the price of one ticket.

Let represent the price of a ticket.

Then



And the expected return is then:



John

My calculator said it, I believe it, that settles it
The Out Campaign: Scarlet Letter of Atheism