Joe’s baseball team sold 200 chances to win a $250 set of golf clubs. What is the expected value of a single chance if only one chance wins?
To find the expected value of a single chance, you need to divide the total prize value by the number of chances sold.
In this case, the total prize value is $250, and the number of chances sold is 200.
So, you can calculate the expected value by dividing $250 by 200:
Expected value = $250 / 200 = $1.25
Therefore, the expected value of a single chance is $1.25.