There are $100$ tickets in a raffle (Lottery). There is $1$ prize each of Rs. $1000 / -,$ Rs. $500 / -$ and Rs. $200 / - .$ Remaining tickets are blank. Find the expected price of one such ticket.

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Solution

Expectation $= \sum p_{i} M_{i}$ outcome of a ticket can be
$\begin{matrix} p_{i} & M_{i} & p_{i} M_{i} (i) I p r i z e & \frac{1}{100} & 1000 & 10 (i i) I I p r i z e & \frac{1}{100} & 500 & 5 (i i i) I I I p r i z e & \frac{1}{100} & 200 & 2 (i v) B l a n k & \frac{97}{100} & 0 & 0 \sum p_{i} M_{i} = 17 \end{matrix}$
Hence expected price of one such ticket Rs. $17$

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There are 100 tickets in a raffle (Lottery). There is 1 prize each of Rs. 1000/−, Rs. 500/− and Rs. 200/−. Remaining tickets are blank. Find the expected price of one such ticket.

Expectation=∑piMi outcome of a ticket can bepiMipiMi(i)Iprize1100100010(ii)IIprize11005005 (iii)IIIprize11002002(iv)Blank9710000∑piMi=17Hence expected price of one such ticket Rs. 17

There are $100$ tickets in a raffle (Lottery). There is $1$ prize each of Rs. $1000 / -,$ Rs. $500 / -$ and Rs. $200 / - .$ Remaining tickets are blank. Find the expected price of one such ticket.