Posted by **Jen** on Thursday, July 21, 2011 at 7:48am.

One thousand raffle tickets are sold for $4.00 each. One grand prize of $800 and two consolation prizes of $100 each will be awarded. Jeremy purchases one ticket. Find his expected value.

- Math -
**drwls**, Thursday, July 21, 2011 at 8:14am
Jeremy has a 1/1000 chance at $800 and a 1/500 chance at $100.

800/1000 + 2*100/1000 = $1 is the ticket's expected value, no matter what was paid.

- Math -
**Jen**, Thursday, July 21, 2011 at 8:44am
oooooh okay....thank you for your help :)

## Answer this Question

## Related Questions

Math - One thousand raffle tickets are sold for $4.00 each. One grand prize of $...

geometry - One thousand raffle tickets are sold for 4.00 each. one grand prize ...

Math - One thousand raffle tickets are sold for $1.00 each. One grand prize of $...

geometry - One thousand raffle tickets are sold for $1.00 each. One grand prize ...

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 ...

stats math - Suppose you are selling raffle tickets for $3.00 each. You have the...

math - Ten thousand raffle tickets are sold. 1 first prize of $1800, 3 second ...

math - five hundred raffle tickets are sold for $2 each. one prize of $400 is to...

Math - it cost $2 to buy a raffle ticket. if there are 500 tickets sold, and ...