Help pleaseeeeeee !!!
2 answers:
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Answer: $4.61 ⇒ this much amount expect to earn
Step-by-step explanation:
Given that,
Total number of tickets that do not have prize = 880
Tickets that win a free adoption (valued at $20) = 11
Ticket that wins $123 worth of pet supplies and toys = 1
So, total ticket sold = 880 + 11 + 1
= 892
Probability of tickets that not getting any prize =
Probability of tickets that win a free adoption =
Probability of tickets that wins $123 worth of pet supplies and toys =
Ticket value for no prize = $5
Ticket value that win a free adoption = -$20 + $5 = -$15
Ticket value that wins $123 worth of pet supplies and toys = -$123 + $5 = -$118
Expected return for each ticket = Σ(probability)(value of ticket)
=
=
= $4.61 ⇒ this much amount expect to earn.