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August 1, 2014

August 1, 2014

Posted by **James** on Saturday, December 1, 2012 at 12:47pm.

- College Math -
**drwls**, Saturday, December 1, 2012 at 2:02pmCompute the total prize money awarded. Just add them up. Looks like it's $4000.

That total is the expected value of the raffle.

1/1000 of that total is the expected value of a single ticket.

- College Math -
**Mahanoor**, Saturday, March 16, 2013 at 1:18pmI don't know!

- College Math -
**Daniel Bennen**, Saturday, June 21, 2014 at 5:49pmValue

- College Math -
**Marion**, Saturday, July 19, 2014 at 2:04pm-6.09, take the difference of getting a $1000 ticket and the cost you paid for it and multiply it by the probability of getting one of those tickets. The same thing goes for the $50 ticket, $20 ticket, and the cost of no winning ticks (-$10). After that find the sum of all of the products and that will be the expected value of winning one ticket.

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