Question

A raffle ticket is sold for $3.50 each and the prize for winning the raffle is $250. If 100

people entered the raffle, what is:
the expected value? =

are you expected to win or lose the raffle? =

a fair price for the raffle ticket? =

Answer 1

Expected to lose. they initially paid $350 for the tickets and are up charging the price. and the winning price is $100 less.