Question
A school is holding a fundraising raffle. The first prize is $500, the five second prizes are $100 each, and the ten third prizes are $50 each. A total of 2000 tickets were sold at $5 each.
What is the expected payout per ticket?
What is the expected payout per ticket?
Answers
oobleck
1/2000 * 500 + 5/2000 * 100 + 10/2000 * 50 - 5 = -17/4
So expect a loss of $4.25
So expect a loss of $4.25