Homework Help: geometry

Posted by angela on Wednesday, June 6, 2012 at 10:25pm.

One thousand raffle tickets are sold for $1.00 each. One grand prize of $200
and two consolation prizes of $50 each will be awarded. Jeremy purchases one ticket. Find his expected value. Show your work for full credit.

geometry - MathMate, Wednesday, June 6, 2012 at 10:36pm
Expected value for a probability distribution is
E(x)=∑xP(x)
In this case,
P(200)=1/1000
P(50)=2/1000
P(other prizes)=0/1000
Calculate E(x)

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