Posted by mya on Wednesday, December 11, 2013 at 5:01pm.
A cash prize of $5000 is to be awarded at a fundraiser. If 2,500 tickets are sold at $5 each, find the expected value if a person purchases just one ticket.

math  Sam, Wednesday, December 11, 2013 at 5:08pm
If you buy one ticket you have a 1/2500 chance of winning. Thus, you're expected value is 5000/25$ = 2$ return for your 5$ ticket. So you get $3.

math  Anonymous, Friday, April 24, 2015 at 12:42am
wow, it seems to me it is wrong.

math  Anonymous, Friday, April 24, 2015 at 1:06am
It is Correct. Sorry I said it seemed wrong.
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