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Confucious

  • 2 years ago

Need some confirmation on this one. It's attached.

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  1. Confucious
    • 2 years ago
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  2. funinabox
    • 2 years ago
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    that's quite the document you've attached there, Confucious.

  3. Confucious
    • 2 years ago
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    ...Thank you :) .... can you help me....?

  4. JuanitaM
    • 2 years ago
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    yes, the first is correct

  5. JuanitaM
    • 2 years ago
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    yes for EV multiply by 6 since that is the number of chances he has. great job

  6. Confucious
    • 2 years ago
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    That would be 6 times the $1.40 which is $8.40 So he contributed $8.40?

  7. JuanitaM
    • 2 years ago
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    no his expected value is 8.40 he contributed 6 tickets at 5

  8. Confucious
    • 2 years ago
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    I don't understand. Expected earnings is the 2000 times the probability that he'll win which is 6 out of 2852. That comes out to a dollar and 40 cents. How do I found out what he contributed to the place?

  9. Confucious
    • 2 years ago
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    find*

  10. JuanitaM
    • 2 years ago
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    his expected value is 8.40 he actually paid 30.00 so his EV is less than what he contributed

  11. Confucious
    • 2 years ago
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    I don't understand how his expected earnings come to 8.40. The problem says that you find it by multiplying the chance that he'll win (6/2852) by the value of the cruise ($2000). The answer for that is $4.21(made a mistake). How do I use that to find out how much he contributed?

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