Posted by Jen on Saturday, July 30, 2011 at 3:01pm.
Think of what you'll get if you bought all the tickets, and go from there.
1,000-600=400 ??
If you bought all 1000 tickets, it would have cost you $1000.
However, you would get the grand prize of $400 and 2 consolation prizes of $100 each for a total of $600.
So you get back $600 for the $1000 that you spent, or, on the average, $0.60 for each ticket you buy.
so his expected value is $600?
What is Jeremy's expected value?
$600? or $400??
But Jen, in the end he only bought one ticket, not 1000. 600/1000
MathMate already told you the answer.
Perhaps it is easier from the point of view of the seller.
Sold 1000 tickets for 1000 dollars.
Gave out 600.
So .6 of the income is paid out. So if you put in $1, you can expect .6 * $1 = $0.60
Related Questions
Math - One thousand raffle tickets are sold for $4.00 each. One grand prize of $...
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 ...
geometry - One thousand raffle tickets are sold for $1.00 each. One grand prize ...
stats math - Suppose you are selling raffle tickets for $3.00 each. You have the...
statistics - A lottery offers one $800 prize, one $400 prize, and ten $80 prizes...
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 ...
statistics - A lottery offers one $900 prize, one $600 prize, three $400 prizes...
Math - A lottery has a grand prize of $180,000, two runner-up prizes of $22,500 ...
For Further Reading
