Answer:
His expected value is -2
Explanation:
Five hundred raffle tickets are sold for $3 each
One prize of $500 is awarded.
Expected value =

Probability of winning =

If won the price he gets = 500
But he also paid $3 to buy ticket
So, the actual price he got = 500-3= 497
Probability of not winning =

So, Expected value=

=

Hence his expected value is -2