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sveta [45]
3 years ago
13

raffle is being held at a benefit concert. The prizes are awarded as follows: 1 grand prize of $6,600.00, 3 prizes of $800.00, 3

prize of $65.00, and 10 prizes of $20.00. Suppose 14500 raffle tickets are sold, if you buy one ticket for $1.00 then what is your expected value for this raffle?
Business
1 answer:
ser-zykov [4K]3 years ago
4 0

Answer:

-0.352

Explanation:

Total number of raffle tickets sold = 14,500

1 grand prize of $6,600, 3 prizes of $800, 3 prizes of $65 and 10 prizes of $20.

Therefore,

Probability of winning 1 grand prize of $6,600 = \frac{1}{14,500}

Probability of winning 3 prizes of $800 = \frac{3}{14,500}

Probability of winning 3 prizes of $65 = \frac{3}{14,500}

Probability of winning 10 prizes of $20 = \frac{10}{14,500}

Expected value:

=[(\frac{1}{14,500}\times 6,600) + (\frac{3}{14,500}\times 800) + (\frac{3}{14,500}\times 65) + (\frac{10}{14,500}\times 20)] - 1

=(0.455+0.166+0.013+0.014)-1

= 0.648 - 1

= -0.352

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