SOLUTION: One thousand raffle tickets are sold for $5.00 each. One grand prize of $1000 and two consolation prizes of $100 each will be awarded. Jeremy purchases one ticket. Find his expecte

Algebra ->  Probability-and-statistics -> SOLUTION: One thousand raffle tickets are sold for $5.00 each. One grand prize of $1000 and two consolation prizes of $100 each will be awarded. Jeremy purchases one ticket. Find his expecte      Log On


   

Question 440530: One thousand raffle tickets are sold for $5.00 each. One grand prize of $1000 and two consolation prizes of $100 each will be awarded. Jeremy purchases one ticket. Find his expected value.
Answer by edjones(8007) About Me  (Show Source):
You can put this solution on YOUR website!
1000+100+100=$1200.
1200/1000=$1.20 the expected value of his ticket.
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Ed