# 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.

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asked by Jen
1. Jeremy has a 1/1000 chance at \$800 and a 1/500 chance at \$100.

800/1000 + 2*100/1000 = \$1 is the ticket's expected value, no matter what was paid.

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posted by drwls
2. oooooh okay....thank you for your help :)

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posted by Jen

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