## 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 Question 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? in progress 0 7 months 2021-07-19T00:47:34+00:00 1 Answers 3 views 0 ## Answers ( ) 1. Answer: (a) The expected value is:$0.40625

(b) The expected value is: \$0.4286

Step-by-step explanation:

Solving (a): Raffle 1

Given

per ticket

—- for 1

— for 2

Required

The expected value of each ticket

First, calculate the total amount of the 800 tickets

Next, calculate the total amount of the prizes

The expected value E(x) of 1 ticket is calculated as:

Solving (b): Raffle 2

Given

per ticket

—- for 1

— for 3

Required

The expected value of each ticket

First, calculate the total amount of the 800 tickets

Next, calculate the total amount of the prizes

The expected value E(x) of 1 ticket is calculated as: