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Asked Feb 13, 2020
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A radio station is having a contest. There is a vacation package worth $15,000. Three prizes are gift cards to a coffee shop worth $1000 each. Five prizes provided tutoring for your math course, worth
$500 each.
(a) Compute the expected value for this contest, assuming 10,000 people enter this contest.
(b) What are the odds for winning the vacation package?
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A radio station is having a contest. There is a vacation package worth $15,000. Three prizes are gift cards to a coffee shop worth $1000 each. Five prizes provided tutoring for your math course, worth $500 each. (a) Compute the expected value for this contest, assuming 10,000 people enter this contest. (b) What are the odds for winning the vacation package?

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Expert Answer

Step 1

Vacation package worth $15,000

Coffee shop worth $1000

Tutoring math course worth $500

No of people = 10000

Probability of wining vacation package = 1/10000

Probability of winning coffee shop gift cards = 3/10000

Probability of winning gift for math prize = 5/10000

a)

Expected value for ...

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