In its Flip Your Lid contest, a coffee chain offers prizes of 50 000 free coffees, each worth $1.50; two new TVs, each worth $1200; a snowmobile worth $15 000; and a sports car worth $35 000. A total of 1 000 000 promotional coffee cups have been printed for this contest. Coffee sells for $1.50 per cup. What is the expected value of a cup of coffee to the consumer?

Question

In its Flip Your Lid contest, a coffee chain offers prizes of 50 000 free coffees, each worth $1.50; two new TVs, each worth $1200; a snowmobile worth $15 000; and a sports car worth $35 000.  A total of    1 000 000 promotional coffee cups have been printed for this contest.  Coffee sells for $1.50 per cup.  What is the expected value of a cup of coffee to the consumer?

MsPi_3.14159265 · Accepted Answer

Expected value = the sum of (the probability times the number of opportunites). that is hint #1 Can you work with that?

Brandon · Answer

MsPi_3.14159265: Can you explain little bit pls