8th Edition

ISBN: 9781337558075

Author: Charles Henry Brase, Corrinne Pellillo Brase

Publisher: Cengage Learning

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Textbook Question

Chapter 6.1, Problem 8P

Basic Computation: Expected Value For a fundraiser, 1000 raffle tickets are sold and the winner is chosen at random. There is only one prize, $500 in cash. You buy one ticket.

(a) What is the probability you will win the prize of $500?

(b) Your expected earnings can be found by multiplying the value of the prize by the probability you will win the prize. What are your expected earnings?

(c) Interpretation If a ticket costs $2, what is the difference between your “costs” and “expected earnings”? How much are you effectively contributing to the fundraiser?

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Chapter 6.1, Problem 7P

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Solution Summary: The author explains that the probability of winning 500 is 0.001 and the expected earnings are 0.50.

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