Question

for a fundraiser, 1000 raffle tickets are sold and the winner is chosen at random. there is only one prize, $500 in cash. you buy one ticket. a) what is the probability you will win the prize of $500? b) your expected earnings can be found by multiplying the value of the prize by the probability you will win the prize. what are your expected earnings?

Answer 1

Answer: The probability of you winning the raffle is a 1 in 1,000 chance. Your expected earnings will be $0.05.

Explanation:

I got that answer because you (which is one ticket out of 1,000) is part of the 1,000 tickets. So you are "1" out of the "1,000" tickets. So you have a 0.0001 chance of 1 in 1,000 chance of winning. Then I multiplied 500 by 0.0001 and got 0.05. So your expected earnings are $0.05.

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