Question

The pto is selling raffle tickets to raise money for classroom supplies. a raffle ticket costs $4. there is 1 winning ticket out of the 300 tickets sold. the winner gets a prize worth $64. round your answers to the nearest cent. what is the expected value (to you) of one raffle ticket?

Answer 1

As 300 tickets are sold , the probability of being a winner is = $\frac{1}{300}$

The prize value is $64 or $\frac{1}{300}\times64$

= 0.213

The cost of ticket you paid = $4

Hence, the expected value of one ticket = 0.213-4 = -3.787 or rounding off we get -3.79

Answer 2

Answer:

The expected value of one raffle ticket is $-3.79$

Step-by-step explanation:

Given: The pto is selling raffle tickets to raise money for classroom supplies. a raffle ticket costs $\ \;4$. There is $1$ winning ticket out of the $300$ tickets sold and the winner gets a prize worth $\ \;64$.

According to the mentioned conditions in question,

Total tickets are sold $300$.

$P(E)=\frac{\rm{No\; of\; favourable\; outcomes}}{\rm{Total\ number\ of\ outcomes}}$

$P(\;{\rm{winning\ a \;ticket})=\frac{1}{300}$

Prize of the value is calculated as: $\frac{1}{300}\times64=\frac{64}{300}=0.2133$.

Here, the cost of ticket you paid $=\ \;4$

Now, the expected value of one ticket $=0.213-4=-3.787$.

Therefore, the expected value of one raffle ticket is $-3.79$.

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