A raffle is held at MTHS ASB to draw for a $1000 plasma television. Two thousand tickets are sold at $1.00 each. Find the expected value of one ticket.

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(1) Answers

candychoclateddd

The "expected value of a ticket" is the probability of being drawn multiplied by the earnings associated to being drawn.
($1 is the price of the ticket which of course can be different).
So in this case probability is 1/2000 and the earnings would be valued $1000 (value of the plasma TV).
The expected value is 1/2000*1000=1000/2000=$0,5
This means you should not buy a $1 ticket to play except if this really brings you LOTS of amusement ;)