SOLUTION: In a raffle 1000 tickets are being sold at $1.00 each. The first prize is $100. There are 2 second price of $50 each and 5 third prizes of $10 each. Jenny buys 1 ticket. How much m

Algebra ->  Probability-and-statistics -> SOLUTION: In a raffle 1000 tickets are being sold at $1.00 each. The first prize is $100. There are 2 second price of $50 each and 5 third prizes of $10 each. Jenny buys 1 ticket. How much m      Log On


   



Question 470901: In a raffle 1000 tickets are being sold at $1.00 each. The first prize is $100. There are 2 second price of $50 each and 5 third prizes of $10 each. Jenny buys 1 ticket. How much more than the expected value of the ticket does she pay?
Answer by ewatrrr(24785) About Me  (Show Source):
You can put this solution on YOUR website!

 
Hi,
Expected value of ticket = (1/1000)(99 + 49 +9) - 999/1000 = -.84