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Question

A charitable organization is having a raffle for a single prize of $7000. Each raffle ticket costs$3, and 9000 tickets have been sold. (a) Find the expected gain for the purchaser of a single ticket. (b) Find the expected gain for the purchaser of two tickets.

Solution

VerifiedAnswered 2 years ago

Answered 2 years ago

Step 1

1 of 6We apply the following formula in the task. The expected value $E(X)$ of the variable $x$ with the probability function is represented as follows.

$\begin{aligned} E(X)&=\sum\limits_{x}xf(x)\\ \end{aligned}$

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