A raffle has a grand prize of a Caribbean cruise valued at $12500 with a second prize of a Rocky Point vacation valued at $1300. ?
If each ticket costs $3 and 12000 tickets are sold, what are the expected winnings far a ticket buyer? Express to at least three decimal place accuracy in dollar form (as opposed to cents).
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12500 + 1300 = 13,800 winnings
3*12,000 = 36,000 cost
(36000 -13800)/12000 = 22200/12000 = $1.85 expected loss
You can use the same method as your other question.