Asked by Jen
One thousand raffle tickets are sold for $4.00 each. One grand prize of $800 and two consolation prizes of $100 each will be awarded. Jeremy purchases one ticket. Find his expected value.
Answers
Answered by
MathMate
Hint: the expected value can be found by assuming that someone bought all tickets, and therefore won all prizes. Divide the total value of the prizes by the number of tickets bought to get the expected value.
There are no AI answers yet. The ability to request AI answers is coming soon!
Submit Your Answer
We prioritize human answers over AI answers.
If you are human, and you can answer this question, please submit your answer.