Respuesta :
As 300 tickets are sold , the probability of being a winner is = [tex]\frac{1}{300}[/tex]
The prize value is $64 or [tex]\frac{1}{300}\times64[/tex]
= 0.213
The cost of ticket you paid = $4
Hence, the expected value of one ticket = 0.213-4 = -3.787 or rounding off we get -3.79
Answer:
The expected value of one raffle ticket is [tex]-3.79[/tex]
Step-by-step explanation:
Given: The pto is selling raffle tickets to raise money for classroom supplies. a raffle ticket costs [tex]\$\;4[/tex]. There is [tex]1[/tex] winning ticket out of the [tex]300[/tex] tickets sold and the winner gets a prize worth [tex]\$\;64[/tex].
According to the mentioned conditions in question,
Total tickets are sold [tex]300[/tex].
[tex]P(E)=\frac{\rm{No\; of\; favourable\; outcomes}}{\rm{Total\ number\ of\ outcomes}}[/tex]
[tex]P(\;{\rm{winning\ a \;ticket})=\frac{1}{300}[/tex]
Prize of the value is calculated as: [tex]\frac{1}{300}\times64=\frac{64}{300}=0.2133[/tex].
Here, the cost of ticket you paid [tex]=\$\;4[/tex]
Now, the expected value of one ticket [tex]=0.213-4=-3.787[/tex].
Therefore, the expected value of one raffle ticket is [tex]-3.79[/tex].
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