Posted by angela on Tuesday, July 24, 2012 at 12:44pm.
assume 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
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 $1.00 each. One grand prize ...
Math - One thousand raffle tickets are sold for $1.00 each. One grand prize of $...
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...
Data Management - A lottery has one $1000000 prize, two $50000 prizes, ten $1000...
For Further Reading
