00:01
This problem says in a raffle where 3 ,000 tickets are sold for $2 each, one prize of $2 ,700 will be awarded.
00:08
What's the expected value of a single ticket in the raffle? and to figure this expected value out, what we're going to do is first look at how much we could expect to lose if we played and we didn't win.
00:20
So that would be, since we're losing it, minus 2 or negative 2.
00:24
And we'll multiply that times the probability of losing.
00:27
And we know that there are 3 ,000 tickets.
00:29
There's only one prize winner.
00:31
And so that means that the probability of losing would be the other 2 ,999 tickets that wouldn't win out of the total 3 ,000 possibilities.
00:41
And that would show our expected loss with the probability of losing...