Post a New Question


posted by .

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 -

    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

Answer This Question

First Name:
School Subject:

Related Questions

More Related Questions

Post a New Question