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Nataliya [291]
3 years ago
14

A raffle is being held at a benefit concert. The prizes are awarded as follows: 1 grand prize of $8,900.00, 3 prizes of $680.00,

8 prize of $95.00, and 15 prizes of $25.00. Suppose 15000 raffle tickets are sold, if you buy one ticket for $2.00 then what is your expected value for this raffle?
Business
2 answers:
liraira [26]3 years ago
8 0

Answer:

The expected value of the ticket bought in the raffle draw will be $8.04

Explanation:

The total raffle sold is 15000 at $2 per ticket

The total value of the 15000 tickets will be = $2 * 1500 = $3000

what percentage is $2 in $3000

= 2/3000 * 100

= 0.0006 * 100 = 0.0666%

The total price money to be won will be

1 grand prize = $8900

3 prizes = 3 * $680 = $2040

8 prizes = 8 * $95 = $760

15 prizes = 15 * $25 = $375

total prize money = 8900 + 2040 + 760 + 375 = $12075

therefore the value of the one ticket bought will be

0.0666% of $12075 = $8.04

12345 [234]3 years ago
6 0

Answer:

The expected value of raffles will be - $1.199.

Explanation:

A raffle is being held at a benefit concert.

The prizes awarded are: 1 grand prize of $8,900.00, 3 prizes of $680.00, 8 prize of $95.00, and 15 prizes of $25.00.

15000 raffle tickets are sold. A person buys one ticket for $2.

Expected Value of raffle for that person

=[ \$8,900\ \times\ (1/15000)\ +\  \$680\ \times\ (3/15000)\ +\ \$95\ \times\ (8/15000)\ +\ \$25\ \times\ (15/15000)]\ -\ \$2

= $(0.59 + 0.136 + 0.050 + 0.025) - $2

= $0.801 - $2

= - $1.199

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Answer:

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andre [41]
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7 0
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An examination of Hyong Corporation's inventory accounts revealed the following information:
andreyandreev [35.5K]

Answer:

Production= 45,000 units

Explanation:

Giving the following information:

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Raw materials, June 30: 51,000 units

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<u>First, we need to calculate the raw material used in production:</u>

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Direct material used= beginning inventory + purchases - ending inventory

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3 0
3 years ago
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6 0
3 years ago
You would like to combine a risky stock with a beta of 1.5 with U.S. Treasury bills in such a way that the risk level of the por
Deffense [45]

Answer:

33.33%

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