Question

A charity is holding a raffle to raise money. There is one car worth $30,000 and five $100 gift cards being raffled off. Each ticket costs $20, and there are a total of 5,000 tickets being sold. Which equation correctly depicts the calculation of the expected value for a ticket?

Answer 1

@Loser66

Answer 2

@agent0smith

Answer 3

@Tizzle
Do you have any idea on how you should start this?

Answer 4

0 clue tbh

Answer 5

ill give medal

Answer 6

Ok. Do you have a list of answers to choose from?

Answer 7

yeah one sec

Answer 8

idk how to send a pic @Aveline

Answer 9

hello? :/

Answer 10

Wait one sec

Answer 11

alright thank you

Answer 12

Ok. Sorry about that.
What is the probability of winning each prize?
What are the values of each prize?

Answer 13

1/499 to win

Answer 14

each one is $5

Answer 15

There's a 1/5000 chance of winning a $30,000 prize.
There's a 1/1000 chance of winning a $100 prize
However, there is also a large chance of losing $20 for paying for the ticket. What's that chance?

Answer 16

there are the answer choices
sorry it took so long

Answer 17

No worries ^^

Answer 18

wait my bad, wrong one

Answer 19

there you go, my bad

Answer 20

Ok that makes wayyy more sense lol.

Answer 21

yeah, i saw that and i was like pellet completely wrong answers

Answer 22

pellet? haha i said pellet**

Answer 23

Sh*t

Answer 24

So, the chance of winning a car is 1/5000. The chance of a gift card is 1/1000. This means that we have a 4996/5000 chance of not winning something, essentially losing $20. We can simplify that to 2497/2500 and use the equation for expect values to simplify
E(X)=($30,000)(1/5,000)+($100)*(1/1,000)+($-20)(2497/2500)

Answer 25

you want me to simplify that?

Answer 26

Pshhhh nah. That's all you need since the question is just looking for the equation

Answer 27

so which answer choice is it exactly?

Answer 28

A

Answer 29

thank you so much