Someone please help me with this question.

M

Mariahpapaya

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May 12, 2020
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what is the expected value of a raffle ticket purchased for $4 if 1000 tickets are sold, the grand prize is valued at $750, and there are five second place prizes each valued at $250?
 
Let X = amount you can win (lose)

If you win grand price then you win how much in the end? What is the probably that you win the grand prize?

If you win 2nd price then you win how much in the end? What is the probably that you win the 2nd prize?

If you lose, then you win how much in the end? What is the probability that you lose?

Note: How much you win can be positive, 0 or negative (so you lost)

So what are the values that X can equal?
 
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