Mathematics, 01.11.2019 22:31 andrewhayward
Suppose your neighbors kid comes by to offer you a lottery ticket for the school fundraiser. there are 700 tickets sold and each are $10.
the prizes are as follows:
1st ticket drawn = $500 2nd ticket drawn = $250 3rd ticket drawn = $100
if all 700 tickets are sold, what is your expected value if you buy a ticket?
what is the estimated profit for the school if all 700 tickets are sold?
Answers: 2
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