# Math

One thousand raffle tickets are sold for \$1.00 each. One grand prize of \$400 and two consolation prizes of \$100 each will be awarded. Jeremy purchases one ticket. Find his expected value.

??

1. 👍 0
2. 👎 0
3. 👁 55
1. Think of what you'll get if you bought all the tickets, and go from there.

1. 👍 0
2. 👎 0
2. 1,000-600=400 ??

1. 👍 0
2. 👎 0
posted by Jen
3. If you bought all 1000 tickets, it would have cost you \$1000.
However, you would get the grand prize of \$400 and 2 consolation prizes of \$100 each for a total of \$600.
So you get back \$600 for the \$1000 that you spent, or, on the average, \$0.60 for each ticket you buy.

1. 👍 0
2. 👎 0
4. so his expected value is \$600?

1. 👍 0
2. 👎 0
posted by Jen
5. What is Jeremy's expected value?

1. 👍 0
2. 👎 0
6. \$600? or \$400??

1. 👍 0
2. 👎 0
posted by Jen
7. But Jen, in the end he only bought one ticket, not 1000. 600/1000

1. 👍 0
2. 👎 0
posted by Damon
8. Perhaps it is easier from the point of view of the seller.
Sold 1000 tickets for 1000 dollars.
Gave out 600.
So .6 of the income is paid out. So if you put in \$1, you can expect .6 * \$1 = \$0.60

1. 👍 0
2. 👎 0
posted by Damon

## Similar Questions

1. ### 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

asked by denise on November 26, 2012
2. ### Math

A raffle sold 400 tickets and awards a grand prize of \$1,000. Was \$4 a fair price to pay for a ticket?

asked by Blake on September 28, 2009
3. ### geometry

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.

asked by angela on July 24, 2012
4. ### 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.

asked by Jen on July 19, 2011
5. ### 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.

asked by Jen on July 21, 2011
6. ### Math/Probability/Statistics

Find the expected value and the standard deviation in the following raffle: Value Tickets Grand Prize: \$2,000.00 1 Second Place Prize: \$800.00 20 Third Place Prize: \$40.00 60 Fourth Place Prize: \$30.00 300 Total Number of Tickets

asked by Anonymous on October 22, 2015
7. ### geometry

One thousand raffle tickets are sold for \$1.00 each. One grand prize of \$200 and two consolation prizes of \$50 each will be awarded. Jeremy purchases one ticket. Find his expected value. Show your work for full credit.

asked by angela on June 6, 2012
8. ### Stat

lottery offers one \$900 prize, two \$700 prize, two \$400 prize and five \$200 prize. One thousand tickets are sold at \$5. Find the expectation if a person buys two tickets

asked by Leter on June 29, 2016
9. ### statistics

A lottery offers one \$800 prize, one \$400 prize, and ten \$80 prizes. One thousand tickets are sold at \$3 each. Find the expectation if a person buts two tickets. Assume that each ticket can win more than one prize.

asked by Kim on October 26, 2012
10. ### Statistics

There is a \$2 raffle with a first prize of \$10000, a second prize of \$500, and a 3rd prize of \$100. If 1000 tickets are sold find the expected value. How much should the raffle ticket cost to make this a fair game?

asked by Patty on July 28, 2013

More Similar Questions