00:01
We're going to have a raffle, there's going to be 1 ,000 tickets sold at $2 each.
00:06
The grand prize is $800, and there are five second prizes which have a value of $250.
00:12
We want to know the expected value of a raffle ticket.
00:17
So here's what we need to know.
00:18
There's 1 ,000 tickets.
00:20
So the probability of getting that grand prize is going to be 1 out of 1 ,000.
00:26
The probability of getting second prize is going to be 1 ,000.
00:30
To be five out of, now once somebody's got the grand prize, they're no longer in the raffles.
00:37
So that means there's five out of nine -99 for the probability of a second place.
00:45
So what you're buying the ticket.
00:47
So that means that we need, you're going to be losing two dollars every time.
00:53
So we're going to say have a start with a negative two dollars is the value of the ticket...