A local youth group is selling raffle tickets to raise money for a trip. A raffle ticket costs $3. There are 4 winning tickets out of the 401 tickets sold. Each winning ticket holder gets a prize worth $60. What is the expected value to the purchaser of one raffle ticket?
Added by Beth C.
Step 1
To find the expected value, we first need to determine the probability of winning a prize. Since there are 4 winning tickets out of 401 sold, the probability of winning is: \[ \text{Probability of Winning} = \frac{4}{401} \] Show more…
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A local youth group is selling raffle tickets to raise money for a trip. A raffle ticket costs $4. There are 3 first place winning tickets with a prize worth of $60, there are 6 second place winning tickets with a prize work of $32, and there are 9 third prize winning tickets with a prize worth of $12 out of the 470 tickets sold. What is the expected value to the purchaser of one raffle ticket? Round your answers to the nearest cent.
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