a club is holding a raffle. Ten thousand tickets have been sold for $2 each. There will be a 1st prize of $3000, 3 second prizes

Question

2 years ago

8

of $1000 each, 5 third prizes of $500 each, and 20 consolation prizes of $100 each. Find the expected winnings of a single ticket

1 answer:

seropon [69] · Answer 1 · 2022-05-15T20:26:40+03:00

Answer:

1000(1/20000) +

300(2/20000) +

10(20/20000) +

=

1800/20000 = .09

Step-by-step explanation:

Each ticket purchased is expected to win 9 cents

Each ticket purchased cost 75 cents

If you interpret expected winnings per ticket to include the cost then each ticket is expected to lose 66 cents.