Araffle offers a first prize of $1000, 2 second prizes of $300, and 20 third prizes of $10 each. if 2 tickets are sold at 25 cents each, find the expected winnings for a person buying 1 ticket what are the expected winnings? cents (round your answer to the nearest whole cent)

The expected winnings for a person buying 1 ticket is -0.2.                  

Step-by-step explanation:

Given : A raffle offers a first prize of $1000, 2 second prizes of $300, and 20 third prizes of $10 each. If 20000 tickets are sold at 25 cents each, find the expected winnings for a person buying 1 ticket.

To find : What are the expected winnings?    

Solution :

There are one first prize, 2 second prize and 20 third prizes.

Probability of getting first prize is

Probability of getting second prize is

Probability of getting third prize is

A raffle offers a first prize of $1000, 2 second prizes of $300, and 20 third prizes of $10 each.

So, The value of prizes is

If 20000 tickets are sold at 25 cents each i.e. $0.25.

Remaining tickets = 20000-1-2-20=19977

Probability of getting remaining tickets is

The expected value is

Therefore, The expected winnings for a person buying 1 ticket is -0.2.

answer:

1. 0.04

2. 0.15

step-by-step explanation:

i just finished that assignment for properties of probability distributions.