Raffle is being held at a benefit concert. The prizes are awarded as follows: ?
1 grand prize of $6,600.00
2 prizes of $570.00
5 prize of $89.00
10 prizes of $20
15500 raffle tickets are sold
if you buy one ticket for $3.00 then what is your expected value for this raffle?
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(6600 + 2*570 + 5*89 + 10*20)/15500 - 3= -$2.46
Use the same method as your other question.
I'm better off buying lottery tickets.