Math 142

posted by .

800 hundred chances are sold at $2 apiece for a raffle. There is a grand prize of $650 dollars, two second prizes of $250, and five third prizes of $50. First calculate the expected value of the lottery. Determine if the lottery is a fair game. If the game is not fair, determine a price for playing the game that would make it fair.

  • Math 142 -

    several important questions affect the calculations

    1. Are the winning tickets returned ? (more than likely they are not)
    2. What is the order of drawing the winning tickets, that is, is the first price drawn last ? etc

Respond to this Question

First Name
School Subject
Your Answer

Similar Questions

  1. Math

    A lottery has a grand prize of $180,000, two runner-up prizes of $22,500 each, eleven third-place prizes of $3600 each, and fourteen consolation prizes of $450 each. If 720,000 tickets are sold for $1 each and the probability of any …
  2. math

    A raffle has a $500 first prize, two $100 second prizes and five $25 third prizes. If 500 tickets are sold for $5 each find the expected value of buying a single ticket.
  3. Math

    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.
  4. stats math

    Suppose you are selling raffle tickets for $3.00 each. You have the following prizes.1 grand prize of $150 1 prize of $75 1 prize of $50 1 prize of $25 5 prizes of $10 each A total of 500 raffle tickets are sold. What is the expected …
  5. College Math

    Volunteers working to raise funds for a new community library sold 1000 raffle tickets at $10 each. Tickets are to be randomly drawn and prizes are awarded as follows: one prize of $1,000, twenty prizes of $50 and one hundred prizes …
  6. Math

    Volunteers working to raise funds for a new community library sold 1000 raffle tickets at $10 each. Tickets are to be randomly drawn and prizes are awarded as follows: one prize of $1,000, twenty prizes of $50 and one hundred prizes …
  7. math

    Ten thousand raffle tickets are sold. 1 first prize of $1800, 3 second prizes of $600 each, and 9 third prizes of $200 each are to be awarded, with all winners selected randomly. If you purchase one ticket, what are your expected winnings?
  8. Math

    it cost $2 to buy a raffle ticket. if there are 500 tickets sold, and there is one first prize of $250, three second prizes of $100, and five third prizes of $50, what is the expected value of this raffle?
  9. stats

    raffle with a grand prize $500., 2 second place prizes of $100., 4 third place prizes of $50.. the raffle offers 250 tickets for $4. each. what is probability model , the expected value of a single ticket and the target of $200.to …
  10. Statistics

    You buy a lottery ticket to a lottery that cost $10 per ticket. There are only 100 tickets available to be sold in this lottery. In this lottery there are one $500 prize, two $100 prizes, and four $25 prizes. Find your expected gain …

More Similar Questions