Maurice Tutor

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  • MCS,PHD
    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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    Phoniex University
    Oct-2001 - Nov-2016

Category > Computer Science Posted 19 Sep 2017 My Price 4.00

Basic Computation

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?

Answers

Maurice Tutor
(5)
Status NEW Posted 19 Sep 2017 06:09 AM My Price 4.00

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