Question

Question 8 (4 points)

For a meat raffle, 100 tickets were sold.
The following were prizes:
number of winners
1
4
15
prize
grand prize - $1000 cash
$250 meat package
$50 meat package
What is the probability of winning the grand prize? 1/20
What is the expected value for someone buying a single ticket for $10.00 ? $

Answer 1

There’s 100 tickets being sold so the grand cash prize would be 1000 and 250 meat package the probability of winning would be 1/14 the expected value would be 15