What are the expected winnings for a single ticket buyer


A charity holds a raffle in which each ticket is sold for $40. A total of 11200 tickets are sold. They raffle one grand prize which is a Mercedes Benz E350 valued at $55000 along with 2 second prizes of Honda motorcycles valued at $11000 each. What are the expected winnings for a single ticket buyer? Express to at least three decimal place accuracy in dollar form (as opposed to cents).

Solution Preview :

Prepared by a verified Expert
Basic Statistics: What are the expected winnings for a single ticket buyer
Reference No:- TGS01594509

Now Priced at $20 (50% Discount)

Recommended (97%)

Rated (4.9/5)