help w/ prob

[lostwithmath]

There are 1000 tickets sold for $2.00. For the tickets there are five prizes awareded one for $500, one for $300, and three for $50. only one ticket is purchased, what is the expected value?

 

[Euler]

Is this how the actual problem is worded?

 

[lostwithmath]

basically but all information is given

 

[stapel]

I think what the tutor was getting at is that the exercise, as you have framed it, is open to interpretation and difficult to understand.

Please reply with the full and correct text of the exercise (and its instructions), and please show what you have tried thus far.

Thank you.

Eliz.

 

[lostwithmath]

E = P1 x A1 + P2 x A2 + P3 x A3 + P4 X A4
E = 1 / 1000 (498) + 1/1000 (298) + 3/1000 (48) + 995/1000 (-2)
E = 498/1000 + 298/1000 + 144/1000 - 1990/1000 = -1.05

This is what I have so far but, don't no if im using formula right the expected value formula

 

[stapel]

Okay, but until we know what the actual question was (exactly as it appeared in the text), it is difficult to know whether you're moving in a useful direction or not.

Please provide the full and exact text of the exercise. Thank you.

Eliz.

 

[lostwithmath]

A 1000 tickets are sold for $2.00 each. Five prizes will be awarded one for $500, one for $300, and three for $50. If Susan purchases one of the tickets. Find the expected value.

this is all the information in the problem

 

[kaebun]

what r u studying specificaly like the sections name or what ever maybe if i knew i could help you because then id know where to start ... if ur in pre cal i prob can't help though but i could try

 

[lostwithmath]

im studying probabilities in college. not calculas just a mixture of goemetry, algebra, and basic math most people learn in high school nothing advanced.

 

[tkhunny]

There are 1000 tickets sold

only one ticket is purchased

These two statements are inconsistent. The problem statement makes no sense.

 

[Gene]

Your formula is good, except you are computing the expected loss, not the expected gain. You should change the signs on each of the A terms for gain and get 1.05.
Also it should have said 1000 tickets were printed, not sold.

PS Edit. Whoops, I read the original post, not the correction. Scratch the sign change. Susan can expect to lose 1.05 and the signs are right and so are you.
As a check: The sellers take in $2,000, pay out $950 = $1,050 so the average buyer must lose 1,050/1,000.

 

[stapel]

A 1000 tickets are sold for $2.00 each. Five prizes will be awarded one for $500, one for $300, and three for $50. If Susan purchases one of the tickets. Find the expected value.

If that is the exact text of the exercise, then the book would appear to be extremely poorly written. This may be part of your difficulty.

Eliz.