Question
A school is holding a Fixed Raffle, where only a certain number of raffle tickets can be sold. The school sold 970 of these tickets for $10 each. One of the tickets will win $2910, two tickets will win $970, and 5 tickets will win $485.
What is the expected value of each of these tickets for the people that purchase one ticket?
What is the expected value of each of these tickets for the people that purchase one ticket?
Answers
Reiny
Are the tickets put back into the draw after they were picked?
Set it up like I showed you in your previous problem.
Set it up like I showed you in your previous problem.