Question

Help!!! Please just answer the question. Thank you! Let's compare two different raffles to see which ticket you should buy? A. Raffle 1: 800 raffle tickets are sold $2.00 each. There is one gran prize for $450 and two consolation prizes of $100 each that will be awarded. What is the expected value of one ticket?

Answer 1

The answer is "Expected Value = - 0.94 (Loss) "

Explanation:

Please find the table in the attachment for the complete solution.