The prize in a raffle is a flat-screen TV valued at $350, and 1,000 tickets are sold for a dollar each. Let’s find the expected value if you buy 1 ticket. Find the expected value. Round your answer to two decimal places. Remember a gain would be posit

the expected value EV = −$0.65

Step-by-step explanation:

Expected value EV = expected gain - expected loss

Given;

Cost of a ticket L = $1

Probability of losing the ticket P(L)= 999/1000 = 0.999

Cost of a flat screen TV = $350

Expected gain G = $350 - $1 = $349

Probability of winning the TV P(G) = 1/1000 = 0.001

EV = G × P(G) - L × P(L)

Substituting the values;

EV = $349 × 0.001 - $1 × 0.999

EV = −$0.65

the expected value EV = −$0.65

1,407.5 hours

step-by-step explanation:

we first convert all the time to hours and then sum them up.

there are 24 hours in 1 day, in 58 days, there are 24 x 58 = 1,392 hours.

there are 60 minutes in 1 hour, thus, 30 minutes will be equivalent to 30 / 60 = 0.5 hours.

therefore, the number of hours it will take mercury to complete a full rotation is 1,392 + 15 + 0.5 = 1,407.5 hours