Help with probability please

#1
Hello everyone,

I need help with the following question please:

At a raffle, 1000 tickets are sold at 4$ each for five prizes of 400$, 300$, 250$, 150$, 75$. what is the expected value of a player's gain?

I would really appreciate any hint or feedback.

thank you:)
 

Dragan

Super Moderator
#2
Hello everyone,

I need help with the following question please:

At a raffle, 1000 tickets are sold at 4$ each for five prizes of 400$, 300$, 250$, 150$, 75$. what is the expected value of a player's gain?

I would really appreciate any hint or feedback.

thank you:)

The expected payment would be:

$ = (0)*(995/1000) + (400)*(1/1000) + (300)*(1/1000) + (250)*(1/1000) + (150)*(1/1000) + (75)*(1/1000) = 1.175

Take it from there...