Tickets for a raffle cost $$16. There were 790 tickets sold. One ticket will be randomly selected as the winner, and that person wins $$1500 and also the person is given back the cost of the ticket. For someone who buys a ticket, what is the Expected Value (the mean of the distribution)?
Tickets for a raffle cost $$16. There were 790 tickets sold. One ticket will be randomly selected as the winner, and that person wins $$1500 and also the person is given back the cost of the ticket. For someone who buys a ticket, what is the Expected Value (the mean of the distribution)?
Algebra & Trigonometry with Analytic Geometry
13th Edition
ISBN:9781133382119
Author:Swokowski
Publisher:Swokowski
Chapter10: Sequences, Series, And Probability
Section: Chapter Questions
Problem 35T
Related questions
Question
Tickets for a raffle cost $$16. There were 790 tickets sold. One ticket will be randomly selected as the winner, and that person wins $$1500 and also the person is given back the cost of the ticket. For someone who buys a ticket, what is the Expected Value (the mean of the distribution)?
(If the Expected Value is negative, be sure to include the "-" sign with the answer. Express the answer rounded to two decimal places.)
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps with 2 images
Recommended textbooks for you
Algebra & Trigonometry with Analytic Geometry
Algebra
ISBN:
9781133382119
Author:
Swokowski
Publisher:
Cengage
Algebra & Trigonometry with Analytic Geometry
Algebra
ISBN:
9781133382119
Author:
Swokowski
Publisher:
Cengage