Question

There is a 3/4 chance you could win $100,000.00 in tomorrow’s Irish sweepstakes. How much would you pay for a ticket? (Hint: find the theorethical value of a ticket.)

Answer 1

ticket price will be $75000

Explanation:

Given data

win amount = $100000

chance = 3/4

to find out

How much would you pay for a ticket

solution

we know that chance of win is 3/4 of amount

so here amount is $100000

so ticket price will be = 3/4 × 100000

= 0.75 × 100000

= 75000

ticket price will be $75000