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    trclem40's Avatar
    trclem40 Posts: 5, Reputation: 1
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    #1

    Apr 29, 2008, 08:05 PM
    Probability without replacement
    A local charity sold 15,000 lottery tickets during a fundraiser. The prized were a $1000 credit voucher for a local travel agent, a $500 gift card donated by a furniture store, and four $150 gas cards. If each ticket cost $2, find and explain the expected "winning" for a randomly chosen ticket. For convience, assume the winning tickets are chosen with replacement. Round your answer to the nearest cent.
    galactus's Avatar
    galactus Posts: 2,271, Reputation: 282
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    #2

    Apr 30, 2008, 09:10 AM
    If you win the $1000 prize, you actually win $998 because you paid $2 for the ticket. And so forth. There are 6 winners and 14994 losers.



    In other words, you can expect to lose $1.86 just for buying the ticket.
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