# MATH Prob.

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What is the expected value of one 700 tickets in a raffle for a prize of \$1400?

• MATH Prob. -

Expected value is obtained by summing the product of the prizes by the individual probabilities.

In this case, there is only one prize of \$1400, of which the probability of getting it is 1/700. So the expected value is \$1400*(1/700)=\$2.

• MATH Prob. -

A charity is holding a raffle and sells 2000 tickets for​ \$2 each. One ticket will win a grand prize of​ \$500. Two other tickets will be selected to win consolation prizes of​ \$50 each. Find the expected value if you buy one raffle ticket.

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