Get the answers you need from a community of experts on IDNLearn.com. Get accurate and comprehensive answers to your questions from our community of knowledgeable professionals.
Sagot :
To determine the expected profit of the raffle, the first step is to calculate the expected value.
You have two options, that you get the winning ticket for $940 or that you don't get the winning ticket.
There is a total of 1000 tickets on the raffle, the probability of getting the winning ticket can be calculated as follows:
[tex]P(\$1000)=\frac{1}{1000}[/tex]And the probability of getting a ticket without a prize can be calculated as follows:
[tex]P(\$0)=\frac{999}{1000}[/tex]The expected prize for the raffle can be calculated using the following formula:
[tex]undefined[/tex]
We appreciate your participation in this forum. Keep exploring, asking questions, and sharing your insights with the community. Together, we can find the best solutions. IDNLearn.com has the solutions to your questions. Thanks for stopping by, and see you next time for more reliable information.
