20,000 raffle tickets are sold one first prize of $1000 two second prices of $500 and...
Homework Answers
Given That
raffle tickets =20,000
probability of winning first prize = p1 = 1/20000
probability of winning a 2nd prize = p2 = 2/20000 = 1/10000
probability of winning a 3rd prize = p3 = 20/20000 = 1/1000
E = expectation value = Sum_i=1..3 pi * Vi, Vi = value of prize, pi = probability of winning prize,
E = 1/20000*1000 + 1/10000*300 + 1/1000*10 = 1/20 + 3/100 + 1/100 = 9/100 = 9 cents = expected winnings for a person buying one ticket.
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