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 ticke

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?

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Phúc Điền 6 months 2021-08-06T15:07:59+00:00 1 Answers 0 views 0

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    2021-08-06T15:09:38+00:00

    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

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