At a fundraiser, 8,000 tickets are sold for prizes: a new car worth $30,000, a vacation worth $9,000, a home theater system worth $4,000, and three cash prizes of $1,000. You buy 1 ticket. What is the expected value of your prize?
Added by Miguel -Ngel V.
Step 1
The probability of winning each prize is as follows: - Car: $\frac{1}{8000}$ - Vacation: $\frac{1}{8000}$ - Home theater system: $\frac{1}{8000}$ - Cash prize: $\frac{3}{8000}$ Now, we can calculate the expected value by multiplying the probability of winning Show more…
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