Suppose you buy a ticket for a raffle. The ticket price is $5 and the price is worth $200. If 100 tickets were sold. What is the prob that you will win the prize. How much money do you expect to win/lose?
To determine the probability of winning the prize, you need to know the total number of tickets sold and your own number of tickets. In this case, you mentioned that 100 tickets were sold, but it's unclear how many tickets you purchased. If you provide that information, I can calculate the probability for you.
Regarding the amount of money you can expect to win or lose, we can calculate it using the concept of expected value. The expected value is determined by multiplying the probability of each outcome by its associated value, and then summing the results.
In this scenario, if the ticket price is $5 and the prize is worth $200, we can assume that you either win the prize (with probability p) or lose the ticket price (with probability 1-p). Let's denote the number of tickets you bought as n.
To calculate the probability of winning the prize, divide the number of tickets you purchased by the total number of tickets sold (100 in this case). so the probability of winning (p) = n/100.
To calculate the expected value, we multiply the probability of winning (p) by the value of winning ($200) and subtract the product of the probability of losing (1-p) and the value of losing (-$5).
Expected value = p * value of winning + (1-p) * value of losing
= (n/100) * $200 + (1 - n/100) * (-$5)
The expected value will indicate whether, on average, you can expect to make money or lose money over the long run.
I think you meant 'prize' when you were talking about the $200. Careful with typos, they can really mess you up sometimes.
There is a question that was already posted and answered below. It is labeled 'El Camino College' I believe.