Zola is thinking of a number. If the number is divided by 7.5, the quotient is 62. what is zolas number?
2 answers:
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Given:
The number of tickets = 1000
Mathew buys a single ticket for $8
Winning price = $800
To find:
The expected earning per ticket.
Solution:
It is given that the total number of tickets is 1000. So, the probability of winning is:
The probability of losing is:
The expected earning per ticket is:
Therefore, the expected earning per ticket is -7.192. Here, negative sign means loss of $7.192.