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Let’s compare two different raffles to see which ticket you should buy?

A. Raffle 1: 800 raffle tickets are sold $2.00 each. There is one gran prize for $450 and two consolation prizes of $100 each that will be awarded. What is the expected value of one ticket?

Answer :

S403167GO

Answer:

I only see one raffle, but the expected value of one ticket is $2. (I think)

Step-by-step explanation:

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The expected value E(x) of 1 ticket is $0.40.

How to calculate the total amount?

To calculate the total amount by the formula;

Amount = Ticket x Value

Raffle 1

Given;

Tickets  = 800

Value = $2 per ticket

Grand ticket = $450 ...for 1

consolation =$100.. for 2

We need to find the expected value of each ticket;

First, we have to calculate the total amount of the 800 tickets

Amount = Ticket x Value

Amount = 800 x 2

Amount = 1600

Next, we have to calculate the total amount of the prizes

Amount = Ticket x Value

Amount = 450 x 200

Amount = 650

The expected value E(x) of 1 ticket is calculated:

E(x) = 650 / 1600

E(x) = $0.40

Thus, the expected value E(x) of 1 ticket is $0.40.

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