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06-05-2024
Mathematics

Answered

One thousand tickets are sold at $ 4 each. One ticket will be randomly selected and the winner will receive a color television valued at $ 357.

What is the expected value for a person that buys one ticket?

Round the answer to the nearest cent.

Answer :

06-05-2024

Answer:

Step-by-step explanation:

Probability of winning = 1/1000

2Probability of not winning = 999/1000

3Money received after winning = 357 - 4 = 353

4Expected value = (353 * 1/1000) + (-4 * 999/1000)

50.353 - 3.996 = -3.643

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