Question

Need some confirmation on this one.
It's attached.

Answer 1

that's quite the document you've attached there, Confucious.

Answer 2

...Thank you :) .... can you help me....?

Answer 3

yes, the first is correct

Answer 4

yes for EV multiply by 6 since that is the number of chances he has.
great job

Answer 5

That would be 6 times the $1.40 which is $8.40
So he contributed $8.40?

Answer 6

no his expected value is 8.40

he contributed 6 tickets at 5

Answer 7

I don't understand. Expected earnings is the 2000 times the probability that he'll win which is 6 out of 2852. That comes out to a dollar and 40 cents. How do I found out what he contributed to the place?

Answer 8

find*

Answer 9

his expected value is 8.40 he actually paid 30.00
so his EV is less than what he contributed

Answer 10

I don't understand how his expected earnings come to 8.40. The problem says that you find it by multiplying the chance that he'll win (6/2852) by the value of the cruise ($2000). The answer for that is $4.21(made a mistake). How do I use that to find out how much he contributed?