Question

ANSWER ASAP

Answer 1

Answer:

$2.36

Formula Used:

[n/t * (p - c)] + [(t - n)/t * (-c)] = V

V = expected $ value

n = # of tickets drawn for a prize (one prize is one drawn ticket, etc.)

t = total # of tickets

p = amount of prize money

c = cost for one ticket

Steps:

1/500(199) + 499/500(-1) = -0.6

2/500(39) + 498/500(-1) = -0.84

20/500(1) + 480/500(-1) = -0.92

(Swap signs, negative becomes positive)

0.6 + 0.84 + 0.92 = 2.36