A school is holding a Fixed Raffle, where only a certain number of raffle tickets can be sold. The school sold 970 of these tickets for $10 each. One of the tickets will win $2910, two tickets will win $970, and 5 tickets will win $485.

Question

A school is holding a Fixed Raffle, where only a certain number of raffle tickets can be sold.  The school sold 970 of these tickets for $10 each.  One of the tickets will win $2910, two tickets will win $970, and 5 tickets will win $485.  
What is the expected value of each of these tickets for the people that purchase one ticket?

Reiny · Answer

Are the tickets put back into the draw after they were picked? Set it up like I showed you in your previous problem.