expected value=(1/834 *(1214)) -14
This is expected value of the ticket before purchase.
one expects to lose 12.54 on each ticket.
Tickets for a raffle cost $14. There were 834 tickets sold. One ticket will be randomly selected as the winner, and that person wins
$
$1200 and also the person is given back the cost of the ticket. For someone who buys a ticket, what is the Expected Value (the mean of the distribution)?
1 answer