Question

600 raffle tickets were sold for $5 each. There is one $500 first prize and three $200 second prizes. The remainder of the tickets do not win anything. What is the expected value of this raffle?​

Answer 1

its -$3.17

Explanation:

500-5=495

200-5=195

the remainder of the tickets is -$5

the expected value is $495 x 1/600 + $ 19583/600 + (-$5) 596/600= -$3.17