St. Mary's Church is holding a raffle in which 1172 tickets have been sold at a cost of $2.00 each. Three prizes will be awarded: 1 for S500; 1 for $250; 1 for $125. If you buy one ticket, then your expected value for this raffle is $ You do not need to include the dollar sign (S) with your answer. Give your answer as numerical value rounded to 2 decimal places. No $ sig? n

Question

Elianna Gardner

Mathematics

7 June, 20:18

St. Mary's Church is holding a raffle in which 1172 tickets have been sold at a cost of $2.00 each. Three prizes will be awarded: 1 for S500; 1 for $250; 1 for $125. If you buy one ticket, then your expected value for this raffle is $ You do not need to include the dollar sign (S) with your answer. Give your answer as numerical value rounded to 2 decimal places. No $ sig? n

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Kiersten Cooke · Answer 1

Step-by-step explanation:

Given that St. Mary's Church is holding a raffle in which 1172 tickets have been sold at a cost of $2.00 each.

Three prizes will be awarded: 1 for S500; 1 for $250; 1 for $125.

Thus total number of tickets = 1172

Of these prize winning are 3

i. e. Tickets Prize $ Net win amount Prob Net win amt*prob

1 500 (500-2) = 448 1/1172 448/1172

1 250 (250-2) = 248 1/1172 248/1172

1 125 (125-2) = 123 1/1172 123/1172

1169 0 (0-2) = - 2 1169/1172 - 2338/1172

Expected value = Total - 1519/1172

=-1.296