Mathematics, 28.04.2021 19:20 Deemon

Raffle A has 125 tickets. Each ticket costs $20. One ticket will win a $1000 prize, and the remaining tickets will win nothing. Raffle B, which is at a carnival, has 125 tickets. Each ticket costs $15. One ticket will win
a $150 prize, one ticket will win
a $50 prize, and the remaining tickets will win nothing.

a. Find the expected value for Raffle A. Show all work.
b. Find the expected value for Raffle B. Show all work.
c. Determine which Raffle is the best option.

Answers: 3

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Raffle A has 125 tickets. Each ticket costs $20. One ticket will win a $1000 prize, and the remainin...