Question

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.

Math   Statistics-And-Probability   
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
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 $$1600 and also the person is given back the cost of the ticket. For someone who buys a ticket, what is the Expected Value (the mean of the distribution)? If the Expected Value is negative, be sure to include the "-" sign with the answer. Express the answer rounded to two decimal places.
Tickets for a raffle cosr $$8. There were 842 tickets sold. One ticket will be randomly...
Tickets for a raffle cosr $$8. There were 842 tickets sold. One ticket will be randomly selected as the winner, and that person wins $$1900 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. Expected Value =...
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...
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.  
We're having a raffle your 500 tickets sold for $100 each 1st ticket drawn will win...
We're having a raffle your 500 tickets sold for $100 each 1st ticket drawn will win $250 last ticket drawn will win $10000 for the sake of this problem let's assume that the only other apprises $100 which happens every 20th ticket drawn the last ticket drawn does not get this extra $100 there are 24 of these winning tickets what is the expected value for a ticket
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...
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 university organization annually holds a raffle event for fundraising purposes. The prizes include one $1000,...
A university organization annually holds a raffle event for fundraising purposes. The prizes include one $1000, three $500, and five $100. They would sell a total of one thousand tickets, in which a single ticket costs $5. (a) Create a probability distribution table which includes the wins and losses. (b) Find the expectation if a person buys one ticket. How much will this person win or lose? (c) Is this raffle/game fair? Why or why not?
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...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT