Question

In a raffle where 2000 tickets are sold for $2 each, one first prize of $600...

In a raffle where 2000 tickets are sold for $2 each, one first prize of $600 and one second prize of $300 will be awarded. What is the expected value of a single ticket in the raffle? Round your answer to the nearest hundredth, and do not include a $ sign or the word "dollars" in your response.  

Math   Algebra   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
You are participating in a raffle in which there will be 2000 tickets sold. Each ticket...
You are participating in a raffle in which there will be 2000 tickets sold. Each ticket costs 5 dollars. There is 1 first prize, a $100 gift certificate. 2 second prize $50 gift certificates. And 5 third prizes of $25. Use this information to answer the following questions. Show your work. a. What is the expected value of a single raffle ticket? b. According to the mathematics, should you participate in the raffle? c. If you purchased 20 tickets, how...
Five thousand tickets are sold at​ $1 each for a charity raffle. Tickets are to be...
Five thousand tickets are sold at​ $1 each for a charity raffle. Tickets are to be drawn at random and monetary prizes awarded as​ follows: 1 prize of ​$700 ​, 3 prizes of ​$300 ​, 5 prizes of ​$50 ​, and 20 prizes of​ $5. What is the expected value of this raffle if you buy 1​ ticket?
A raffle is conducted in which 1000 tickets are sold for $2.00 each. 1 ticket wins...
A raffle is conducted in which 1000 tickets are sold for $2.00 each. 1 ticket wins $500.00, 1 ticket wins $100.00, and 5 tickets win $10.00. What is the expected value of a single ticket? Do not include the dollar sign, just the positive or negative number rounded to the nearest penny if necessary.
One thousand tickets are sold at $1 each for a charity raffle. Tickets are to be...
One thousand tickets are sold at $1 each for a charity raffle. Tickets are to be drawn at random and cash prizes are to be awarded as follows: 1 prize of $100, 3 prizes of $50, and 5 prizes of $20. What is the expected value of this raffle if you buy 1 ticket? Now suppose some benefactor agrees to give every player $1000, regardless of the outcome of the raffle. What is the expected value of the game? What...
1. One thousand tickets are sold at $1 each for a charity raffle. Tickets are to...
1. One thousand tickets are sold at $1 each for a charity raffle. Tickets are to be drawn at random and cash prizes are to be awarded as follows: 1 prize of $100, 3 prizes of $50, and 5 prizes of $20. What is the expected value of this raffle if you buy 1 ticket? 2. Suppose 10% of the high school students are late for school.What is the probability that exactly 1 out of 5 students will be late...
8000 raffle tickets are sold. First price is $3000, two second Prices of $1000, and three...
8000 raffle tickets are sold. First price is $3000, two second Prices of $1000, and three third prizes of $200 each will be awarded, with all winners selected random. If you purchase one ticket, what are your expected gross winning
Suppose that 1000 raffle tickets are sold in one event and 800 raffle tickets are sold...
Suppose that 1000 raffle tickets are sold in one event and 800 raffle tickets are sold at another event. If Jessie purchased 10 tickets in each raffle, what is the probability that she will win at least one first prize?
Use the following statemnts to answer parts a) and b). Two hundred raffle tickets are sold...
Use the following statemnts to answer parts a) and b). Two hundred raffle tickets are sold for $3 each. One prize is $500 is to be awarded. Winners do not have their ticket costs $3 refunded to them. Raul purchases one ticket. a) Determine his expected value b) Determine the fair price of a ticket (please and thank you so much I appreciate it)
Tickets for a raffle cost $ 13. There were 619 tickets sold. One ticket will be...
Tickets for a raffle cost $ 13. There were 619 tickets sold. One ticket will be randomly selected as the winner, and that person wins $ 1800 and also the person is given back the cost of the ticket. For someone who buys a ticket, what is the Expected Value (the mean of the distribution)? If the Expected Value is negative, be sure to include the "-" sign with the answer. Express the answer rounded to two decimal places.
Tickets for a raffle cost $$20. There were 740 tickets sold. One ticket will be randomly...
Tickets for a raffle cost $$20. There were 740 tickets sold. One ticket will be randomly selected as the winner, and that person wins $$1600 and also the person is given back the cost of the ticket. For someone who buys a ticket, what is the Expected Value (the mean of the distribution)? If the Expected Value is negative, be sure to include the "-" sign with the answer. Express the answer rounded to two decimal places.
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT