Engineering Board Exam Reviewer · Odds and Mathematical Expectation · medium
A raffle sells 1,000 tickets at P50 each. The prizes are one of P10,000, two of P2,000, and five of P500. Find the expected net value of one ticket.
- P16.50
- -P33.50
- -P16.50
- P33.50
Answer
B. -P33.50
Solution
Expected prize per ticket = 10,000+2(2,000)+5(500)1,000= 16,5001,000=P16.50. Expected net value =16.50-50=-P33.50.
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