Question

Suppose you decide to raise money by ref and a trip were $500 if 3000 tickets were sold at $1 each find expected net winnings for a person who buys One ticket

Answer 1

The expected net winnings for a person is $2500.

Explanation:

Given:

A charitable organisation decides to raise money by raffling a trip worth $500. 3,000 tickets are sold at $1.00

To Find:

The expected net winnings for a person who buys 1 ticket. = ?

Solution:

Since there are 3000 tickets and the price of each ticket is $1. We can find the total amount collected for the event as follows:

3000 x 1=$3000

It is given that the charitable trip is worth $500.

So, the money left as prize money is

=3000-500

=2500