Respuesta :
Answer:
- 1.25 ( approx )
Step-by-step explanation:
Given,
Total tickets = 1172,
In which every ticket costs $ 2, also, three prizes will be awarded 1 for $ 500, 1 for $250 and 1 for $125.
[tex]\because \text{Probability}=\frac{\text{Number of favourable outcomes}}{\text{Total outcomes}}[/tex]
Thus, we can make a table that represents the given situation,
Number of tickets       1          1            1        1169
Probability of ticket     1/1172      1/1172       1/1172     1169/1172
Price of ticket          $ 500      $ 250       $ 125       - $ 2
( Note : Negative sign shows the loss, i.e. if we could not get any price then we have a loss of $ 2 )
Thus, the expected value of a ticket
[tex]=\frac{1}{1172}\times 500+\frac{1}{1172}\times 250+\frac{1}{1172}\times 125+\frac{1169}{1172}\times -2[/tex]
[tex]=\frac{500}{1172}+\frac{250}{1172}+\frac{125}{1172}-\frac{2338}{1172}[/tex]
[tex]=-1.24829351536[/tex]
[tex]\approx -1.25[/tex]
