The expected value for this raffle According to probability is $50.
According to the statement
we have given that the the amount of ticket is $1 and you have a 1 out of 100 chance of winning $50. And we have to find the expected value for this raffle.
So, For this purpose, we know that the
In probability , the expected value is a average. Informally, the expected value is the arithmetic mean of a large number of selected outcomes of a random variable.
And
Here the chances of winning the raffle is $50
And we know that the expected value of the raffle is a chances of not winning the raffle.
So, According to this
The expected value for this raffle = chances of winning - Total chances
The expected value for this raffle = 50 - 100
The expected value for this raffle = -50$
So, The expected value for this raffle According to probability is $50.
Learn more about probability here
brainly.com/question/15858152
#SPJ4
