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11 votes
11 votes
THE RAFFLE QUEEN

1000 raffle tickets are sold for $3.00 each.
There is one grand prize for $750 and two
consolation prizes of $200 each. What is the
expected value of one ticket?
ST
co
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User Ratijas
by
3.1k points

1 Answer

20 votes
20 votes

Answer:

$1.15

Explanation:


750 + 400 = 1,150

1/1000 * 1,150 = 1,150/1000 = $1.15 expected value of one ticket.

Since he paid more than $1.15 for the ticket he has a bad bet.

User Rahul Dess
by
3.2k points