You buy a lottery ticket to a lottery that cost $10 per ticket. There are only 100 tickets available to be sold in this lottery. In this lottery there are one $500 prize, two $100 prizes, and four $25 prizes. Find your expected gain or loss. Do you still want to play raffle?

Answer 1

plug into calculator.

L1 L2
-10 93/100
499 1/100
99 2/100
24 4/100

STAT- CALU-#1:1-VAR STATS-ENTER-2ND #1(L1), THEN "," THEN 2ND #2(L2)-ENTER

YOUR FIRST X AT THE TOP IS YOUR EXPECTATION OR MEAN.