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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