HelinaW254754 HelinaW254754
  • 29-10-2022
  • Mathematics
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You buy $10 raffle ticket for a new car valued at $15,000. 2000 tickets are sold. What is expected value of your gain?

You buy 10 raffle ticket for a new car valued at 15000 2000 tickets are sold What is expected value of your gain class=

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AydianP658844 AydianP658844
  • 29-10-2022

So your gains are given by:

[tex]\text{gains}=\text{price of the car}-\text{price of the ticket}[/tex]

Then we get:

[tex]\text{gains}=\text{\$}15000-\text{\$}10=\text{\$}14990[/tex]

And that's the value of your gain.

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