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Thread: Help please.... Find the expectation of the game

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    Help please.... Find the expectation of the game




    Hi my name is Angela. Can anyone help me with this problem please.....

    For $4 a person may buy a chance at a raffle. There are 2000 tickets sold. One ticket will win $1000, 5 tickets will win $100, and 20 tickets will win $20. Find the expectation of the game.


    Here is what I have....

    E(x)= E(x)*P(x)
    996*1/2000 + 400/2000 + (-1200/2000) + (-9104/2000)= -4.45

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    Quote Originally Posted by abrock2 View Post
    Hi my name is Angela. Can anyone help me with this problem please.....

    For $4 a person may buy a chance at a raffle. There are 2000 tickets sold. One ticket will win $1000, 5 tickets will win $100, and 20 tickets will win $20. Find the expectation of the game.


    Here is what I have....

    E(x)= E(x)*P(x)
    996*1/2000 + 400/2000 + (-1200/2000) + (-9104/2000)= -4.45
    Obviously this can't be correct since you are only paying $4 for a ticket...so the most you could lose is $4

    E(X)=996*1/2000+96*5/2000+16*20/2000+-4(2000-1-5-20)/2000=-3.05

    or

    E(X)=1000*1/2000+100*5/2000+20*20/2000-4=-3.05

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