Question

The PTA is holding a raffle. The prize is a camera worth $200. Each raffle ticket costs $5. One hundred tickets are sold and a winner is drawn at random. Find the expected value of the purchase of a ticket. (Use a negative sign in your answer, if necessary.)

Answer 1

Expected value of the purchase of a ticket would be $3.00.

Explanation:

Given,  

Raffle ticket costs = $5.00.  

The prize = $200.  

One hundred tickets are sold = 100 × 5  

                                                  = $500.00  

champ is drawn and given the prize of worth $200.  

                           $500 - $200 = $300  

So the normal estimation of the bought ticket = $3.00  

The expected estimation of the acquisition of a ticket would be $3.00.

   

Answer 2

Answer:

$3.00

Explanation:

500 - 200 = 300.