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## Let’s compare two different raffles to see which ticket you should buy? A. Raffle 1: 800 raffle tickets are sold $2.00 each. There is one gr

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Let’s compare two different raffles to see which ticket you should buy? A. Raffle 1: 800 raffle tickets are sold $2.00 each. There is one gran prize for $450 and two consolation prizes of $100 each that will be awarded. What is the expected value of one ticket? B. Raffle 2: 350 raffle tickets are sold for $2.00 each. There is one grand prize of $150 and three consolation prizes of $50 each. What is the expected value of one ticket?

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Mathematics
7 months
2021-07-19T00:47:34+00:00
2021-07-19T00:47:34+00:00 1 Answers
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## Answers ( )

Answer:(a) The expected value is: $0.40625

(b) The expected value is: $0.4286

Step-by-step explanation:Solving (a): Raffle 1Givenper ticket

—- for 1

— for 2

RequiredThe expected value of each ticket

First, calculate the total amount of the 800 ticketsNext, calculate the total amount of the prizesThe expected value E(x) of 1 ticket is calculated as:Solving (b): Raffle 2Givenper ticket

—- for 1

— for 3

RequiredThe expected value of each ticket

First, calculate the total amount of the 800 ticketsNext, calculate the total amount of the prizesThe expected value E(x) of 1 ticket is calculated as: