Answer:
Gain: $415
Loss: $10
Explanation:
money earned - money spent = gain/loss
The gain is when the participant wins the telescope:
telescope = $425 ==> money earned
10 tickets * $1 = $10 for tickets ==> money spent
$425 - $10 = $415
Loss is when the participant doesn't get the telescope:
$0 ==> money earned (No money earned)
10 tickets * $1 = $10 for tickets ==> money spent
$0 - $10 = -$10 gained
-$10 gained ==> $10 lost