Alocal pta runs a fundraiser, selling lottery tickets for $5, offering 1 first prize of $100 and 5 second prizes worth $20 each. they sell 100 tickets. what is the expected value of each ticket? -$3 $3 -$2.7 $2.7

The expected value is the expected income less the expected cost.

The expected cost is a certain; it is $5.

The expected income is the probability of each possibility times its reward.

=> First prize: probability * prize = (1 / 100) * $ 100 = $1

=> Second prize: probability * prize = (5 / 100) * $20 = $1

Expected value = $1 + $1 - $5

Expected value = - $3

- $ 3

i think there was a typo. you wrote pat brings 3 quarts of ice-cream to the party. each serving of ice-cream is 1 6 quart. how many total servings of ice-cream does pat bring to the party? i think the bold is supposed to be 1/6. so 1 quart of ice cream = 6 servings. 6 * 3 = 18.

the answer is 18.