Financial Expectation question (1 Viewer)

[jess_1495]

I can not get this question right and I don't know why.

Stuart buys a ticket in a raffle in which first prize is $700 and second prize is $200. If 1000 tickets are sold for a dollar each, what is Stuarts financial expectation?

The answer with proper working would be awesome. Please use x for a times sign, not * because it just confuses me haha. Thanks!

 

[rednellav]

($700 * 1/1000) + ($200 * 1/999) - $1

= -$0.1

right or wrong?

 

[Spiritual Being]

bump 4 girl

 

[jess_1495]

($700 * 1/1000) + ($200 * 1/999) - $1

= -$0.1

right or wrong?

Correct, thankyou. Is this how we work out every question like this

 

[rednellav]

ye

 

[DancingAnz]

Oh my god i just can't get financial through my head!!! So we ONLY minus the cost of the ticket at the very end???

 

[rednellav]

Oh my god i just can't get financial through my head!!! So we ONLY minus the cost of the ticket at the very end???

yup