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Raffle tickets are sold. One first prize of ​$2000​, two second prizes of ​$1000​, and three third prizes of ​$300 each will be​ awarded, with all winners selected randomly. If you purchased one​ ticket, what are your expected gross​ winnings?

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thaovtp1407

Answer:

$4.9

Explanation:

I think your question is missed of key information, allow me to add in and hope it will fit the original one.

One thousands Raffle tickets are sold. One first prize of ​$2000​, two second prizes of ​$1000​, and three third prizes of ​$300 each will be​ awarded, with all winners selected randomly. If you purchased one​ ticket, what are your expected gross​ winnings?

My answer:

Given:

Random wins                                                 The probability

One first prize of ​$2000​                                 1/ 1000                    

Two second prizes of ​$1000​                          2/1000

Three third prizes of ​$300                              3/1000

Win $0                                                              994/1000

So the expected gross​ winnings:

E(x) = [$2000*1 + $1000*2 + $300*3 + 994*0] / 1000

<=> E(x) = $49/10 = $4.9

Hope it will find you well.

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