a club is holding a raffle. Ten thousand tickets have been sold for $2 each. There will be a 1st prize of $3000, 3 second prizes of $1000 each, 5 third prizes of $500 each, and 20 consolation prizes of $100 each. Find the expected winnings of a single ticket

Question

Mathematics

Monteen

6 November, 03:57

a club is holding a raffle. Ten thousand tickets have been sold for $2 each. There will be a 1st prize of $3000, 3 second prizes of $1000 each, 5 third prizes of $500 each, and 20 consolation prizes of $100 each. Find the expected winnings of a single ticket

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Answers (1)

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Casey · Answer 1

1000 (1/20000) +

300 (2/20000) +

10 (20/20000) +

=

1800/20000 =.09

Step-by-step explanation:

Each ticket purchased is expected to win 9 cents

Each ticket purchased cost 75 cents

If you interpret expected winnings per ticket to include the cost then each ticket is expected to lose 66 cents.