I am having trouble with my last hw problem so any help or start is appreciated.
A service organization is selling $2 raffle
tickets as part of a fundraiser. The first prize is a boat valued at $2950, second is a tent at $400. In addition to the 1st and 2nd prizes, there are 25 $20 gift cards to be given. The number of tickets sold is 300.
Find the expected net gain to the player for one play of the specific game.
Tags: calculus, Probability, Problem, Word
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on Thursday, December 17th, 2009 at 2:51 am and is filed under Boat Raffles.
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December 17th, 2009 at 3:46 am
This is an AWESOME raffle. They’ve sold $600 worth of tickets and are giving away $3,850 worth of prizes!
Assuming only one prize per winner:
1 / 300 * 2950 + 1 / 300 * 400 + 1 / 12 * 20 = $12.83.
Your expected net gain is thus $10.83 per $2 ticket.