Homework Help: Math

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 :)

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