At a raffle, 10,000 tickets are sold at $20 each for 1 prizes valued of at $50,000,5 prize of $1000, and 60 prize of $100 . What is the expected value of one ticket? $100. What is the expected value of one ticket?
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- 1 prize valued at $50,000 - 5 prizes valued at $1,000 each - 60 prizes valued at $100 each Total value of prizes = $50,000 + (5 * $1,000) + (60 * $100) Total value of prizes = $50,000 + $5,000 + $6,000 Total value of prizes = $61,000 Show more…
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