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You sold your friend a raffle ticket for $1. If his ticket is selected from the 1000 sold, he will win $500. What is the expected value of his net gain? 0 -$0.10 -$0.99 0 -$0.50…

You sold your friend a raffle ticket for $1. If his ticket is selected from the 1000 sold, he will win $500. What is the expected value of his net gain? 0 -$0.10 -$0.99 0 -$0.50…
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3 votes
You sold your friend a raffle ticket for $1. If his ticket is selected from the 1000 sold, he will win

$500. What is the expected value of his net gain?
0 -$0.10
-$0.99
0 -$0.50
0 $0.05

asked
User Cfusch
by
7.8k points

1 Answer

4 votes
They are expected to win back on average 50 cents back, which is a bad investment.
answered
User Bjinse
by
8.5k points
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