Question
I think I got the last part, but I am confused on the beginning three questions. The PTO is selling raffle tickets to raise money
I think I got the last part, but I am confused on the beginning three questions.
The PTO is selling raffle tickets to raise money for classroom supplies. A raffle ticket costs $4. There is 1 winning ticket out of the 160 tickets sold. The winner gets a prize worth $76.Round your answers to the nearest cent.
what is the expected value (to you) of one raffle ticket? $
what is the expected value (to you) if you purchase 8 raffle tickets. $
what is the expected value (to the PTO) of one raffle ticket? $
If the PTO sells all 160 raffle tickets, how much money can they expect to raise for the classroom supplies? 4(160)-76= $564
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started