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that's quite the document you've attached there, Confucious.
...Thank you :) .... can you help me....?
yes, the first is correct
yes for EV multiply by 6 since that is the number of chances he has. great job
That would be 6 times the $1.40 which is $8.40 So he contributed $8.40?
no his expected value is 8.40 he contributed 6 tickets at 5
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?
his expected value is 8.40 he actually paid 30.00 so his EV is less than what he contributed
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?