Question

A raffle has a grand prize of a European cruise valued at $10000 with a second prize of a Rocky Point vacation valued at$700. If each ticket costs $4 and 11000 tickets are sold, what are the expected winnings for a ticket buyer? in progress 0 6 months 2021-08-06T15:07:59+00:00 1 Answers 0 views 0 ## Answers ( ) 1. Answer: – 3.027 Step-by-step explanation: First price = 10000 ; second price = 700 Number of tickets sold = 11000 Ticket cost =$4

Probability that a ticket wins grand price = 1 / 11000

Probability that a ticket wins second price = 1 / 11000

X ____ 10000 _____ 700

P(x) ___ 1 / 11000 ___ 1/11000

Expected winning for a ticket buyer :

E(X) = Σx*p(x)

E(X) = (1/11000 * 10000) + (1/11000 * 700) – ticket cost

E(X) = 0.9090909 + 0.0636363 – 4

E(X) = – 3.0272728

E(X) = – 3.027