sam bought 1 of 250 tickets for $2 in a raffle with the prize of $400. Was $2 fair price?
Can someone show me the formula on how to get this answer. My text is super confusing.
expected value=pr(win)* prize
= 1/250 * 400
Is that expected value greater than the cost of the ticket?
A box, with rectangular sides, base and top is to have a volume of 4 cubic feet. It has a square base. If the material for the base and top costs 10 dollars per square foot and that for the sides costs 20 dollars per square foot, what is the least cost it can be made for?
First, if you have a question, it is much better to put it in as a separate post in <Post a New Question> rather than attaching it to a previous question, where it is more likely to be overlooked.
Second, your description of the problem is confusing and inadequate. Does "rectangular" apply to all "sides, base and top" or just "sides"? With the statement that follows it, I assume the latter.
Without more information, it is impossible to determine how tall the box is and how small the base is. If the sides were square rather than rectangular, it could be resolved. Is that the case?
Can you repost with more adequate information?
To determine if the $2 price of the raffle ticket was fair, we can use a simple formula based on probability. The formula is as follows:
Fair price = (Value of the prize) * (Probability of winning)
In this case, the value of the prize is $400, and we need to calculate the probability of winning.
To find the probability of winning, we divide the number of tickets Sam bought (which is 1) by the total number of tickets available (which is 250).
Probability of winning = Number of tickets Sam bought / Total number of tickets available
Probability of winning = 1 / 250
Now that we have the probability of winning, we can substitute it into the formula to find the fair price:
Fair price = $400 * (1 / 250)
Simplifying the equation:
Fair price = $1.60
Based on this calculation, the fair price of the raffle ticket should have been $1.60, not $2. Therefore, the $2 price was higher than the fair price.