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In a raffle draw, 1000 raffle tickets are sold for ₹ 1 each. Each has an equal chance of winning…
In a raffle draw, 1000 raffle tickets are sold for ₹ 1 each. Each has an equal chance of winning. First prize is ₹ 300, second prize is ₹ 200, and third prize is ₹ 100. Let X denote the net gain from the purchase of one ticket.
(a)
Construct the probability distribution of X.
(b)
Find the probability of winning any money in the purchase of one ticket.
(c)
Find the expected value of X and interpret its meaning.
Answer
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From ISC 2025 Practice Mathematics, question 126.