Statistics

Question

 a charity sells $6 raffle tickets first prize is two trips worth $3,000 second prize is $600 third prize is $40 and forth price is $15 they sell 600 tickets what is the expected value

Answer 1

3000/600 + 600/600 +40/600 +15/600

=5 +1 +1/15 + 1/40 = 6 +11/120

expected value of a ticket = 11/120 = .091666... = about 9 cents