Are the tickets put back into the draw after they were picked?
Set it up like I showed you in your previous problem.
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?
1 answer