anonymous
  • anonymous
need some more help on stats in a raffle 1000 tickets are sold for $2 each one ticket will be randomly selected and the winner will receive a laptop computer valued at $1200 what is the expected value for a person that buys one ticket?
Mathematics
  • Stacey Warren - Expert brainly.com
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SOLVED
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schrodinger
  • schrodinger
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anonymous
  • anonymous
answer choices are a 1.2 b -.08 c 0.8 d -1.2 e none of the above
anonymous
  • anonymous
@ganeshie8 @jim_thompson5910 @pooja195
jim_thompson5910
  • jim_thompson5910
What is the probability of winning?

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More answers

anonymous
  • anonymous
1/1000
jim_thompson5910
  • jim_thompson5910
if you win, you basically earn $1200 but you spent $2 to get it, so in reality, your net earnings is 1200-2 = 1198
jim_thompson5910
  • jim_thompson5910
if you lose, your net earnings is -2 dollars what is the probability of losing?
anonymous
  • anonymous
999/1000
jim_thompson5910
  • jim_thompson5910
now you compute (probability of winning)*(net earnings of winning)+(probability of losing)*(net earnings of losing)
anonymous
  • anonymous
so would it be (999/1000 * -2) + (1/1000 * 1198)
jim_thompson5910
  • jim_thompson5910
yes
anonymous
  • anonymous
okay im getting -.8
anonymous
  • anonymous
which is right okay thank you very much
anonymous
  • anonymous
i have another problem i having trouble with if your sticking around
mathmale
  • mathmale
Please, would you post your next problem as a separate, new problem? Thanks.

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