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ANSWER ASAP

1.) Suppose that 500 tickets are sold at $1.00 each for a raffle that has the following prizes: One $200 prize, Two $50 prizes, and Twenty $2 prizes. What is the expected value of a single ticket?

2.)Suppose that 10 tickets are sold for $10 each, there is one grade prize of $70. What is the expected value of a single ticket?

Respuesta :

Answer:

$2.36

Formula Used:

[n/t * (p - c)] + [(t - n)/t * (-c)] = V

V = expected $ value

n = # of tickets drawn for a prize (one prize is one drawn ticket, etc.)

t = total # of tickets

p = amount of prize money

c = cost for one ticket

Steps:

1/500(199) + 499/500(-1) = -0.6

2/500(39) + 498/500(-1) = -0.84

20/500(1) + 480/500(-1) = -0.92

(Swap signs, negative becomes positive)

0.6 + 0.84 + 0.92 = 2.36

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