7. For each of the two games determine the expected value. Determine which game is better to play based on the expected value and explain why. a. (2 points) A scratch ticket costs $1. The prize for winning is $350. A book of tickets contains 1000 tickets and has exactly one winner. The winner is randomly placed in the booklet. If you randomly purchase1 ticket from the booklet determine the expected value of the gain if you purchase one ticket?

Question

13-07-2024
Mathematics

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7. For each of the two games determine the expected value. Determine which game is better to play based on the expected value and explain why. a. (2 points) A scratch ticket costs $1. The prize for winning is $350. A book of tickets contains 1000 tickets and has exactly one winner. The winner is randomly placed in the booklet. If you randomly purchase1 ticket from the booklet determine the expected value of the gain if you purchase one ticket?

Sagot :

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