Probability Word Problem (calculus) ?
Thursday, December 17th, 2009I 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.