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A raffle is being held at a benefit concert. The prizes are awarded as follows: 1 grand prize of $9,100.00 two prices of $580.00 eight prizes of $84.00 and ten prices of $25 suppose 15,500 raffle tickets are sold, if you buy one ticket for $3 then what is your expected value for this raffle?
How much ?



Answer :

mathstudent55

Answer:

-$2.28

Step-by-step explanation:

p($9100) = 1/15,500

p($580) = 2/15,500

p($84) = 8/15,500

p($25) = 10/15,500

expected value = -$3 + 1/15,500 × $9,100 + 2/15,500 × $580 + 8/15,500 × $84 + 10/15,500 × $25

expected value = -$2.28

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