Question

You have an open question:
10,000 raffle tickets are sold for $5 each for three prizes valued at $4,800, $1,200 and $400. What is the expected value of one ticket?

Answer 1

sum of xP(x)

Answer 2

\[ \begin{array}l\color{red}{\text{4}}\color{#3a22a0}{\text{8}}\color{#0696a0}{\text{0}}\color{green}{\text{0}}\color{blue}{\text{(}}\color{purple}{\text{1}}\color{purple}{\text{/}}\color{red}{\text{1}}\color{#3a22a0}{\text{0}}\color{#0696a0}{\text{0}}\color{green}{\text{0}}\color{blue}{\text{0}}\color{purple}{\text{ }}\color{purple}{\text{)}}\color{red}{\text{ }}\color{#3a22a0}{\text{+}}\color{#0696a0}{\text{ }}\color{green}{\text{1}}\color{blue}{\text{2}}\color{purple}{\text{0}}\color{purple}{\text{0}}\color{red}{\text{(}}\color{#3a22a0}{\text{1}}\color{#0696a0}{\text{/}}\color{green}{\text{1}}\color{blue}{\text{0}}\color{purple}{\text{0}}\color{purple}{\text{0}}\color{red}{\text{0}}\color{#3a22a0}{\text{ }}\color{#0696a0}{\text{)}}\color{green}{\text{ }}\color{blue}{\text{+}}\color{purple}{\text{ }}\color{purple}{\text{4}}\color{red}{\text{0}}\color{#3a22a0}{\text{0}}\color{#0696a0}{\text{(}}\color{green}{\text{1}}\color{blue}{\text{/}}\color{purple}{\text{1}}\color{purple}{\text{0}}\color{red}{\text{0}}\color{#3a22a0}{\text{0}}\color{#0696a0}{\text{0}}\color{green}{\text{ }}\color{blue}{\text{)}}\color{purple}{\text{ }}\color{purple}{\text{-}}\color{red}{\text{5}}\color{#3a22a0}{\text{(}}\color{#0696a0}{\text{9}}\color{green}{\text{9}}\color{blue}{\text{9}}\color{purple}{\text{9}}\color{purple}{\text{/}}\color{red}{\text{1}}\color{#3a22a0}{\text{0}}\color{#0696a0}{\text{0}}\color{green}{\text{0}}\color{blue}{\text{0}}\color{purple}{\text{)}}\color{purple}{\text{}}\end{array} \]

Answer 3

9997 not 9999 for the last one

Answer 4

Ok...thank you! I was subtracting $5 out of each prize awarded first and then dividing that amount by the 10,000. This is my first time on the website. So glad I found it.