Question

need help
200 raffle tickets are being sold at $3.00 each. One prize of $100 is to be awarded. Raul purchases 1 ticket. Determine his expected value and determine the fair price of the ticket

Answer 1

@Zarkon

Answer 2

@mathmale

Answer 3

@zepdrix

Answer 4

The first question I'd pose to you would be "What is the probability of success?" Call that 'p'. How would you find p?

Answer 5

p(n-r)

Answer 6

Assuming that only one prize is to be awarded, out of 200, what are the chances of success? Sorry, but it's not p(n-r). I will help you as far as I can with this problem, but do not yet know how I'd take us to the correct answers.

Answer 7

1/200

Answer 8

idk...I suck at probability

Answer 9

p=1/200 would be correct if, as I suppose is the case, there is only 1 winning ticket among 200.

Answer 10

I apologize, dontre. I invited you to post your math problem without first knowing what kid of problem it would be. Because I must leave the house now, I'm unable to continue. I'd suggest you either leave this post up or re-post it a bit later, explaining that you have found p = 1/200.

Answer 11

thought you were gone

Answer 12

@zepdrix