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September 21, 2014

September 21, 2014

Posted by **angela** on Tuesday, July 24, 2012 at 12:44pm.

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.

- geometry -
**Reiny**, Tuesday, July 24, 2012 at 5:46pmassume the grand prize is drawn first

prop of winning = 1/1000

expected value = 800(1/1000) = 80 cents

prob of winning the consolation prize

= 1/999 + 1/998 (I assume the tickets are not returned to the pot)

expected value for Jeremy

= (1/1000)(800) + 100(1/999) + 100(1/998)

= 1.00

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