A non-profit organization plans to hold a raffle to raise funds for its operations. A total of 1,000 raffle tickets will be sold for $1.00 each. After all the tickets are sold, one ticket will be selected at random and its owner will receive $50.00. The expected value for the net gain for each ticket sold is -$0.95. What is the meaning of the expected value in this context?
(A) The ticket owners lose an average of $0.05 per raffle ticket.
(B) The ticket owners lose an average of $0.95 per raffle ticket.
(C) Each ticket owner will lose $0.95 per raffle ticket.
(D) A ticket owner would have to purchase 19 more tickets for the expected value of his or her net gain to increase to $0.00.
(E) A ticket owner has a 95 percent chance of having a ticket that is not selected.
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