At a raffle, 10,000 tickets are sold at $5 each for three prizes valued at $4,800,...

Question

Question

At a raffle, 10,000 tickets are sold at $5 each for three prizes valued at $4,800, $1,200, and $400. What is the expected value of one ticket?

Answer 1

Answer #1

Answer 2

Similar Homework Help Questions

Suppose 1,250 raffle tickets are being sold for $5 each. One ticket will be chosen to...

Suppose 1,250 raffle tickets are being sold for $5 each. One ticket will be chosen to receive a cash prize of $2,500, and three tickets will be chosen to receive cash prizes of $500. Let x be the amount of money won/lost by purchasing one raffle ticket. Find the expected value for X. (Round your answer to the nearest penny. Do not include a $ sign in your answer. Your answer may be positive or negative.)
A raffle sells 10,000 tickets. Each ticket is sold for $50. Below is a list of...

A raffle sells 10,000 tickets. Each ticket is sold for $50. Below is a list of prizes and the number of that type of prize. 1 Grand Prize: Toyota Yaris - Value: $17,750 100 Second place prizes: Nintendo Switch with Games: $500 1000 Third Place Prizes: A Box of Frosted Lucky Charms: $4 How much money do the organizers of the event expect to make for every ticket they sell? Note: This question is asking you to find the expected...
Eight thousand raffle tickets are sold. One first prize of $1000, two second prizes of $750,...

Eight thousand raffle tickets are sold. One first prize of $1000, two second prizes of $750, and three third prizes of $200 each will be awarded, with al winners selected randomly. If you purchased one ticket, what are your expected gross winnings? The expected gross winnings are cents. (Round your answer to the nearest whole cent) le

A charity holds a raffle in which each ticket is sold for $25. A total of...

A charity holds a raffle in which each ticket is sold for $25. A total of 11600 tickets are sold. They raffle one grand prize which is a Lexus GS valued at $55000 along with 6 second prizes of Kawasaki motorcycles valued at $13000 each. What are the expected winnings for a single ticket buyer? Express to at least three decimal place accuracy in dollar form (as opposed to cents).
One thousand raffle tickets are sold at $1 each. Three tickets will be drawn at random...

One thousand raffle tickets are sold at $1 each. Three tickets will be drawn at random (without replacement), and each will pay $198. Suppose you buy 5 tickets. (A) Create a payoff table for 0, 1, 2, and 3 winning tickets among the 5 tickets you purchased. (If you do not have any winning tickets, you lose $5, if you have 1 winning ticket, you net $193 since your initial $5 will not be returned to you, and so on.)...
2 3) In a raffle, 1,000 tickets are sold for $2 each. One ticket will be...

2 3) In a raffle, 1,000 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?

one thousand raffle tickets are sold at $1 each. 3 tickets will be drawn at random...

one thousand raffle tickets are sold at $1 each. 3 tickets will be drawn at random finite One thousand raffle tickets are sold at $1 each. Three tickets will be drawn at random (without replacement), and each will pay $191. Suppose you buy 5 gats. (A) Create a payoff table for 0, 1, 2, and 3 winning tickets among the 5 tickets you purchased. (If you do not have any winning tickets, you lose $5. If you have 1 winning...
A local fraternity is conducting a raffle where 50 tickets are to be sold-one per customer....

A local fraternity is conducting a raffle where 50 tickets are to be sold-one per customer. There are three prizes to be awarded. If the four organizers of the raffle each buy one ticket, what is the probability that the four organizers win a all of the prizes? b exactly two of the prizes? c exactly one of the prizes? d none of the prizes? 2.51
8.5.43 Question Help One thousand raffle tickets are sold at $1 each. Three tickets will be...

8.5.43 Question Help One thousand raffle tickets are sold at $1 each. Three tickets will be drawn at random (without replacement), and each will pay $205. Suppose you buy 5 tickets. (A) Create a payoff table for 0, 1, 2, and 3 winning tickets among the 5 tickets you purchased. (If you do not have any winning tickets, you lose $5, if you have 1 winning ticket, you net $200 since your initial $5 will not be returned to you,...

A school is holding a fundraising raffle. The first prize is $500, the three second prizes...

A school is holding a fundraising raffle. The first prize is $500, the three second prizes are $100 each, and the five third prizes are $50 each. A total of 2000 tickets were sold at $5.00 each. What is the expected payout per ticket? What price should have been charged to have a 90% profit per ticket?

At a​ raffle, 10,000 tickets are sold at​ $5 each for three prizes valued at​ $4,800,...