Math Challenges

Submissions for Problem #62

Problem #62

One thousand raffle tickets are sold at \$1 each for a benefit. There is one prize of \$300, two prizes of \$100, and four prizes of \$50. What is the expected value of this raffle if you purchase 1 ticket?

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zapwai
Solution:
\( E\left(X\right)=-1+300\left(\frac{1}{1000}\right)+100\left(\frac{2}{1000}\right)+50\left(\frac{4}{1000}\right)=-0.30 \)
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