Questions LLC
Login
or
Sign Up
Ask a New Question
Questions
Math
A raffle sold 400 tickets and awards a grand prize of $1,000.
Was $4 a fair price to pay for a ticket?
1 answer
"fair" is a subjective term. However, $4 is not "actuarilly fair" as the seller pulled in $1600 and only paid out $1000. $2.50 would have been and actuarilly fair price.
You can
ask a new question
or
answer this question
.
Similar Questions
Suppose you are selling raffle tickets for $3.00 each. You have the following prizes.1 grand prize of $150
1 prize of $75 1 prize
Top answer:
166.66 or 167 500/3= 166.666666666667
Read more.
Find
the expected value and the standard deviation in the following raffle: Value Tickets Grand Prize: $2,000.00 1 Second Place
Top answer:
500
Read more.
There is a $2 raffle with a first prize of $10000, a second prize of $500, and a 3rd prize of $100. If 1000 tickets are sold
Top answer:
A fair game would be when the price of all the tickets sold is equal to the total prize money. That
Read more.
One thousand raffle tickets are sold for $1.00 each. One grand prize of $400 and two consolation prizes of $100 each will be
Top answer:
Think of what you'll get if you bought all the tickets, and go from there.
Read more.
100 raffle tickets are sold for $3 with one grand prize of $200. Julie purchased one ticket. What is her expectation? What is
Top answer:
Her expectation of winning is 1%. The fair value is $200/100 = $2.00
Read more.
Five hundred raffle tickets were sold for $2 each. A prize of $400 is to be awarded. If you buy one ticket, determine the
Top answer:
To determine the expected value, we need to calculate the probability of winning and the amount of
Read more.
five hundred raffle tickets are sold for $2 each. one prize of $400 is to be awarded. raul purchases one ticket. what is his
Top answer:
$1000 in and $400 out :) chance of winning = 1/500 value = 400/500 = 80 cents
Read more.
100 raffle tickets are sold for 3 dollars each. One prize of 200 is to be rewarded. Raul purchased 1 ticket.
what is his expected
Top answer:
To determine Raul's expected value and fair prize, we need to calculate the probability of him
Read more.
A charity raffle offers a first prize of $1,000,000, a second place prize of $100,000 and a third place prize of $10,000. A
Top answer:
are the tickets returned, so that the same ticket could win more than once?
Read more.
A charity raffle offers a first prize of $1,000,000, a second place prize of $100,000 and a third place prize of $10,000. A
Top answer:
To find the price that should be charged for a ticket in order for the charity to make a 60% profit
Read more.
Related Questions
Raffle tickets are sold and 6 prizes are available for the lucky draw. A total of 1,356 raffle tickets are sold for 4/5 dollars
Tickets numbered 1 to 1000 were sold in a raffle for which there was one prize. Mr Kahn bought all the tickets containing at
A school is holding a fundraising raffle. The first prize is $500, the five second prizes are $100 each, and the ten third
Mr. and Mrs. Smith each bought 10 raffle tickets. Each of their three children bought four tickets. If
4280 tickets were sold in
At a raffle, 1000 tickets are sold at $5 each. There are 20 prizes of $25, 5 prizes of $100, and 1 grand prize of $2000. Suppose
Use the following statement to answer parts a) and b). One hundred raffle tickets are sold for $3 each. One prize is to be
Sam bought 1 of 250 tickets selling for $2 in a game with a grand prize of $400. Was $2 a fair price to pay for a ticket to play
it cost $2 to buy a raffle ticket. if there are 500 tickets sold, and there is one first prize of $250, three second prizes of
Akira is selling raffle tickets to raise money for the school band. The odds aginst winning a prize in the raffle are 9:1. What
One thousand tickets ae sold at $1 each for a grand prize of $500.00. What is the expected value if a person purchases a single