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January 31, 2015

January 31, 2015

Posted by **Rushell** on Friday, November 20, 2009 at 10:05pm.

Prize Cost of Prize Probability

1st $ 0.15

2nd $1.28 0.30

3rd $0.70 0.45

- Math 101 -
**Reiny**, Friday, November 20, 2009 at 10:58pm.15x + .3(1.28) + .45(.70) + 1 = 3

I got x = 8.67

Check:

expected value (what you have to pay out)

= .15(8.67) + .3(1.28) + .45(.7) = 1.995

or $2.00, but each ticket costs $3, so they make $1 per ticket

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