Asked by alma
suppose you buy a ticket for a raffle. the ticket's price is 5$ and the price tis worth 200. If 100 tickets are sold how much money do you expect to win/lose?
Answers
Answered by
Steve
You have a 1/100 chance to win a $200 prize. So, your expected winnings are $2.
Not much of a return on a $5 ticket. Still, it's for a worthy cause, right? . . .
Not much of a return on a $5 ticket. Still, it's for a worthy cause, right? . . .
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