MATH157
posted by Q .
SUPPOSE YOU BUY 1 TICKET FOR $1 OUT OF A LOTTERY OF 3000 TICKETS. IF THE PRIZE FOR THE ONE WINNING TICKET IS TO BE $500, WHAT ARE YOUR EXPECTED WINNINGS?

expected value=500*1/3000=.17cts
posted by Q .
SUPPOSE YOU BUY 1 TICKET FOR $1 OUT OF A LOTTERY OF 3000 TICKETS. IF THE PRIZE FOR THE ONE WINNING TICKET IS TO BE $500, WHAT ARE YOUR EXPECTED WINNINGS?
expected value=500*1/3000=.17cts