Post a New Question

Math 142

posted by on .

800 hundred chances are sold at $2 apiece for a raffle. There is a grand prize of $650 dollars, two second prizes of $250, and five third prizes of $50. First calculate the expected value of the lottery. Determine if the lottery is a fair game. If the game is not fair, determine a price for playing the game that would make it fair.

  • Math 142 - ,

    several important questions affect the calculations

    1. Are the winning tickets returned ? (more than likely they are not)
    2. What is the order of drawing the winning tickets, that is, is the first price drawn last ? etc

Answer This Question

First Name:
School Subject:
Answer:

Related Questions

More Related Questions

Post a New Question