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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