Question

The prize in a raffle is a flat-screen TV valued at $350, and 1,000 tickets are...

The prize in a raffle is a flat-screen TV valued at $350, and 1,000 tickets are sold for a dollar each. Let’s find the expected value if you buy 1 ticket. Find the expected value. Round your answer to two decimal places. Remember a gain would be positive and a lose would be negative.

Math   Statistics-And-Probability   
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Answer #1

X: Wining value

Number of tickets sold =1000

Prize : 1 Flat-screen TV valued at $350.

Probability of winning the Prize: ( 1 Flat-screen TV valued at $350) = 1/1000

Winning value = Value of the prize - Cost of the ticket = 350-1=349

Therefore,

P(X=349) = 1/1000

Probability of not winning the prize : (Losing $1) =1-1/1000 = 999/1000

Probability of losing $1 = 999/1000

P(X=-1) =999/1000

Expected value = E(X)

Expected value = -$0.65

i.e loss of $0.65(65 cents)

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