Posted by **Twg** on Thursday, August 20, 2009 at 10:04pm.

What is the expected value of one 700 tickets in a raffle for a prize of $1400?

- MATH Prob. -
**MathMate**, Friday, August 21, 2009 at 6:43am
Expected value is obtained by summing the product of the prizes by the individual probabilities.

In this case, there is only one prize of $1400, of which the probability of getting it is 1/700. So the expected value is $1400*(1/700)=$2.

## Answer this Question

## Related Questions

- stats math - Suppose you are selling raffle tickets for $3.00 each. You have the...
- Math - Volunteers working to raise funds for a new community library sold 1000 ...
- College Math - Volunteers working to raise funds for a new community library ...
- Math - What is the expected value of one of 700 tickets in a raffle for a price ...
- Statistics - There is a $2 raffle with a first prize of $10000, a second prize ...
- Math/Probability/Statistics - Find the expected value and the standard deviation...
- math - 100 raffle tickets are sold for 3 dollars each. One prize of 200 is to ...
- statistics - 1000 raffle tickets are sold and the winner is chosen at random ...
- Math - it cost $2 to buy a raffle ticket. if there are 500 tickets sold, and ...
- Statistics - If 1000 raffle tickets were sold for a TV prize that is worth $275 ...

More Related Questions