geometry

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One thousand raffle tickets are sold for
4.00 each. one grand prize of $800 and two consolation prizes of $ 100 each will be awarded. Jeremy purchases one ticket. Find his expected value.

  • geometry -

    assume the grand prize is drawn first
    prop of winning = 1/1000
    expected value = 800(1/1000) = 80 cents

    prob of winning the consolation prize
    = 1/999 + 1/998 (I assume the tickets are not returned to the pot)

    expected value for Jeremy
    = (1/1000)(800) + 100(1/999) + 100(1/998)
    = 1.00

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