To calculate the expected value per ticket, we need to follow these steps:

1. Calculate the total revenue from the sale of the tickets. This is done by multiplying the number of tickets sold by the price per ticket. In this case, 150 tickets were sold at $20 each, so the total revenue is 150 * $20 = $3000.

2. Calculate the total cost of the prizes. This is done by adding up the value of all the prizes. In this case, the prizes are $300, $150, and two $50 prizes, so the total cost of the prizes is $300 + $150 + $50 + $50 = $550.

3. Subtract the total cost of the prizes from the total revenue to find the net profit. In this case, the net profit is $3000 - $550 = $2450.

4. Divide the net profit by the number of tickets sold to find the expected value per ticket. In this case, the expected value per ticket is $2450 / 150 = $16.33.

So, the expected value per ticket is $16.33.

Question

To calculate the expected value per ticket, we need to follow these steps:

1. Calculate the total revenue from the sale of the tickets. This is done by multiplying the number of tickets sold by the price per ticket. In this case, 150 tickets were sold at $20 each, so the total revenue is 150 * $20 = $3000.

2. Calculate the total cost of the prizes. This is done by adding up the value of all the prizes. In this case, the prizes are $300, $150, and two $50 prizes, so the total cost of the prizes is $300 + $150 + $50 + $50 = $550.

3. Subtract the total cost of the prizes from the total revenue to find the net profit. In this case, the net profit is $3000 - $550 = $2450.

4. Divide the net profit by the number of tickets sold to find the expected value per ticket. In this case, the expected value per ticket is $2450 / 150 = $16.33.

So, the expected value per ticket is $16.33.

Knowee AI · Accepted Answer

To calculate the expected value per ticket, we need to follow these steps:

1. Calculate the total revenue from the sale of the tickets. This is done by multiplying the number of tickets sold by the price per ticket. In this case, 150 tickets were sold at $20 each, so the total revenue is 150 * $20 = $3000.

2. Calculate the total cost of the prizes. This is done by adding up the value of all the prizes. In this case, the prizes are $300, $150, and two $50 prizes, so the total cost of the prizes is $300 + $150 + $50 + $50 = $550.

3. Subtract the total cost of the prizes from the total revenue to find the net profit. In this case, the net profit is $3000 - $550 = $2450.

4. Divide the net profit by the number of tickets sold to find the expected value per ticket. In this case, the expected value per ticket is $2450 / 150 = $16.33.

So, the expected value per ticket is $16.33.

One hundred fifty tickets for a raffle are sold for $20 per ticket. The 4 winning prizes are $300, $150, and two $50 prizes. Find the expected value per ticket

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