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djyliett
11 days ago
10

A school fundraiser sells 1,200 raffle tickets. Each ticket costs $2. There is one grand prize worth $100 and 5 smaller prizes w

orth $20 each. What is the expected gain or loss for buying 1 ticket? loss of $1.91 loss of $1.83 gain of $2.16 loss of $1.99
Mathematics
1 answer:
Svet_ta [9.5K]11 days ago
4 0
The expected loss is $1.83. Step-by-step explanation: The average value for each ticket is calculated as... ($100 + 5($20)) / 1200 = $200 / 1200 ≈ $0.1667 ≈ $0.17. Since purchasing a ticket costs $2.00, your anticipated value becomes... -$2.00 + 0.17 = -$1.83, leading to a loss of $1.83.
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