one thousand tickets are sold at $2 each. One ticket will be selected and the winner will receive a flat screen TV valued at $38

Question

poizon [28]

3 years ago

13

one thousand tickets are sold at $2 each. One ticket will be selected and the winner will receive a flat screen TV valued at $38

7. what is the expected value for a person that buys one ticket ?

Mathematics

1 answer:

gregori [183] · Answer 1 · 2022-04-25T06:39:17+03:00

Hello there. This question uses binomial mean and standard deviation. As calculated, the expected value for a person that buys one ticket is -$1.613. Note that the negative value only means that each of the one thousand ticket holder loses and average of $1.613. Hope this helps.