1 17622 points I Previsus Answers Bowskyint ostat1 4w 070 de

1 1.76/22 points I Previsus Answers Bowskyint ostat1 4w 070 defactive My Notes Ask Your T A theater group holds a fund-raiser. It sells 100 raffle tickets for $8 apiece. Suppose you purchase four tickets. The prize is two passes to a Broadway show, worth a total of $15o. Part (a)

Solution

Expected value = sum of xi p(xi)

= -24.72

As expected value turns out to be negative it is definite we lose in the long run on an average 24.72.

Hence Expected value = -24.72

(Not advisable to participate)