anonymous
  • anonymous
MEDAL GIVEN Suppose a charitable organization decides to raise money by raffling a trip worth $500. If 3,000 tickets are sold at $1.00 each, find the expected value of winning for a person who buys 1 ticket.
Mathematics
  • Stacey Warren - Expert brainly.com
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SOLVED
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jamiebookeater
  • jamiebookeater
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dakid88
  • dakid88
If he wins, the change in his financial holdings is $500-1=+499. If he loses, the change in his financial holdings is $-1. The probability he will win is 1%2F3000 (one ticket out of 3000) and the probability he will lose is 2999%2F1000. Therefore, his expected net winnings are: E+=+499%281%2F3000%29+%2B+%28-1%29%282999%2F3000%29..........(winning $1 bet). = %28499%2F3000%29%2B%28-2999%2F3000%29 = -2500%2F3000 = -0.83
anonymous
  • anonymous
I DONT GET IT
anonymous
  • anonymous
@dakid88

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dakid88
  • dakid88
im saying the answer is -0.83
anonymous
  • anonymous
its confusing because the equation for expected value is different
anonymous
  • anonymous
i need help understanding it
anonymous
  • anonymous
not just the answer
dakid88
  • dakid88
okay
anonymous
  • anonymous
now the formula for expected value is E(X) = x1p1 + x2p2 + x3p3 + . . . + xnpn.
anonymous
  • anonymous
and i dont understand how that correlates
dakid88
  • dakid88
hold on igtg
anonymous
  • anonymous
@igigighjkl

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