SOLUTION: A charitable organization is selling raffle tickets for $4 . The first prize a laptop computer valued at to us $2210 second prize is an electric scooter valued at $970. The remai
Algebra ->
Probability-and-statistics
-> SOLUTION: A charitable organization is selling raffle tickets for $4 . The first prize a laptop computer valued at to us $2210 second prize is an electric scooter valued at $970. The remai
Log On
Question 934890: A charitable organization is selling raffle tickets for $4 . The first prize a laptop computer valued at to us $2210 second prize is an electric scooter valued at $970. The remaining prizes are 35 third prize gift certificates each valued at $35.suppose 2500 tickets were sold and you bought 1 ticket what is the expected value of your gain or loss? Express your answer in dollars and cent's rounded to the nearest penny I.e. 2 decimal places Answer by stanbon(75887) (Show Source):
You can put this solution on YOUR website! A charitable organization is selling raffle tickets for $4 .
The first prize a laptop computer valued at to us $2210
second prize is an electric scooter valued at $970.
The remaining prizes are 35 third prize gift certificates each valued at $35.
-------------------------------
suppose 2500 tickets were sold and you bought 1 ticket
-------------------------------------
what is the expected value of your gain or loss?
---------
Express your answer in dollars and cent's rounded to the nearest penny I.e. 2 decimal places
-----
Random "winnings":::....2206....966....31(35 times)...-4
Probabilities::::::::::: 1/2500..1/2500..35/2500.....2463/2500
------
Expected "winnings" = [2206 + 966 + 1085 - 9852]/2500 = -$2.24
-----------
Cheers,
Stan H.
-------------------
(