Expected Value

Imagine there is a raffle for a single item: a brand-new Corolla to the value of $30,000. You have no belief in winning this raffle but because your friend put his heart into it, you want to prove they're wrong. You buy only one 10$ ticket, but your friend buys two 10$ tickets. Three thousand tickets are sold. What is the expected value of your gain? What is the expected value of your friend's gain? What would be the expected value of your friend's gain if he/she purchased one 20$ ticket instead?

What if you purchase a 10$ ticket and you are entered into a chance of winning the car, a Yamaha motorcycle, and a Samsung S22 ultra. What is the expected value of your gain?

In this project, you will need to evaluate the loss and gain in each situation, following the format below

1.0 Methodology 1.1 Tools/Analytics Mention the techniques used to analyze the data Mention the assumptions you make to complete the calculations Tabulate the calculations for each scenario 2.0 Analysis statement Mention the ideas that might increase your chance of winning