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Over [174]
2 years ago
6

A raffle offers one $8000.00 prize, one $4000.00 prize, and five $1600.00 prizes. There are 5000 tickets sold at $5 each. Find t

he expectation if a person buys one ticket.
Mathematics
1 answer:
Harman [31]2 years ago
4 0

Answer:

The expectation is  E(1 )= -\$ 1

Step-by-step explanation:

From the question we are told that  

     The first offer is  x_1 =  \$ 8000

     The second offer is  x_2 =  \$ 4000

      The third offer is  \$ 1600

      The number of tickets is  n  =  5000

      The  price of each ticket is  p= \$ 5

Generally expectation is mathematically represented as

             E(x)=\sum  x *  P(X = x )

     P(X =  x_1  ) =  \frac{1}{5000}    given that they just offer one

    P(X =  x_1  ) = 0.0002    

 Now  

     P(X =  x_2  ) =  \frac{1}{5000}    given that they just offer one

     P(X =  x_2  ) = 0.0002    

 Now  

      P(X =  x_3  ) =  \frac{5}{5000}    given that they offer five

       P(X =  x_3  ) = 0.001

Hence the  expectation is evaluated as

       E(x)=8000 *  0.0002 + 4000 *  0.0002 + 1600 * 0.001

      E(x)=\$ 4

Now given that the price for a ticket is  \$ 5

The actual expectation when price of ticket has been removed is

      E(1 )= 4- 5

      E(1 )= -\$ 1

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