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The PTO is selling raffle tickets to raise money for classroom supplies. A raffle ticket costs
There is 1 winning ticket out of the 140 tickets sold. The winner gets a prize worth
your answers to the nearest cent.
What is the expected value (to you) of one raffle ticket?
Calculate the expected value (to you) if you purchase 10 raffle tickets.
What is the expected value (to the PTO) of one raffle ticket?
The PTO is selling raffle tickets to raise money for classroom supplies. A raffle ticket costs
There is 1 winning ticket out of the 140 tickets sold. The winner gets a prize worth
your answers to the nearest cent.
What is the expected value (to you) of one raffle ticket?
Calculate the expected value (to you) if you purchase 10 raffle tickets.
What is the expected value (to the PTO) of one raffle ticket?
Ask by Wyatt Cruz. in the United States
Mar 28,2025
Upstudy AI Solution
Tutor-Verified Answer
Answer
Expected Values
- For One Ticket (Buyer):
- For Five Tickets (Buyer):
- For One Ticket (Fair): $2.63
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The Deep Dive
Did you know that the concept of expected value comes from probability theory, which dates back to the 16th century? Mathematicians like Gerolamo Cardano and Blaise Pascal kicked off its exploration while trying to understand games of chance. It’s fascinating how they’ve shaped our modern understanding of risk and reward!
Now, onto a real-world application! When you buy a raffle ticket, you’re not just hoping for the big win; you’re also indirectly supporting a cause—in this case, classroom supplies. By calculating the expected values, you can gauge whether it’s a smart investment for fun or simply a donation to help students succeed. Plus, it adds an element of strategic thinking to your next ticket purchase!
