Raffle Ticket Probability and Value

The video tutorial explains how the PTO is selling raffle tickets to raise funds for classroom supplies. It covers the concept of expected value, showing how to calculate it for both individual and multiple ticket purchases. The tutorial also discusses the expected value from the PTO's perspective and the total expected fundraising amount. The expected value is calculated by considering the probability of winning and losing, and the associated gains and losses.

What is the cost of one raffle ticket?

• $10

• $5

• $15

• $3

How many tickets are sold in total?

• 240

• 200

• 100

• 300

What is the prize value for the winning ticket?

• $100

• $98

• $75

• $50

How do you calculate the expected value of an event?

• By multiplying each outcome by its probability and summing the results

• By dividing the total outcomes by the number of events

• By subtracting the cost from the gain

• By adding all possible outcomes

What is the probability of winning the raffle?

• 1/100

• 1/300

• 1/200

• 1/240

What is the expected value of one raffle ticket?

• $4.59

• -$5.00

• $0

• -$4.59

If you buy 10 tickets, what is your expected loss?

• $55.00

• $45.90

• $50.00

• $40.00

What is the expected value to the PTO for one ticket?

• $0

• $4.59

• -$4.59

• $5.00

How much can the PTO expect to raise from selling all tickets?

• $1,200

• $1,101.60

• $1,000

• $1,500

What does a negative expected value indicate for the buyer?

• A gain

• A loss

• No change

• A break-even