If $1 is 5%, 100% would be $1 times 100/5= $1 times 20 = $20
Answer:
linear
Step-by-step explanation:
Answer:
the expected value of this raffle if you buy 1 ticket = -0.65
Step-by-step explanation:
Given that :
Five thousand tickets are sold at $1 each for a charity raffle
Tickets are to be drawn at random and monetary prizes awarded as follows: 1 prize of $500, 3 prizes of $300, 5 prizes of $50, and 20 prizes of $5.
Thus; the amount and the corresponding probability can be computed as:
Amount Probability
$500 -$1 = $499 1/5000
$300 -$1 = $299 3/5000
$50 - $1 = $49 5/5000
$5 - $1 = $4 20/5000
-$1 1- 29/5000 = 4971/5000
The expected value of the raffle if 1 ticket is being bought is as follows:
Thus; the expected value of this raffle if you buy 1 ticket = -0.65
No it definitely doesn't. it changes.
0.73+0.68+0.88+0.74+0.81=3.84
3.84 divided by 5
=0.768x100
=76.8% or 77%