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Posted by on Friday, March 22, 2013 at 3:18pm.

200 tickets are sold to a raffle. It costs $5 to buy a ticket. There is one first prize winner and one second prize winner. First prize is $500. Second prize is $250. What is the value of playing this game?

  • Math - , Friday, March 22, 2013 at 5:18pm

    prob of winning = 1/200
    expected value
    = (1/200)(500) + (1/200)(250)
    = 3.75

    Since you are paying $5.00 to play, the expected outcome is a loss of $1.25

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