SOLUTION: A charity holds a raffle in which each ticket is sold for $30. A total of 9600 tickets are sold. They raffle one grand prize which is a Mercedes Benz E350 valued at $60000 along wi

Question 1197597: A charity holds a raffle in which each ticket is sold for $30. A total of 9600 tickets are sold. They raffle one grand prize which is a Mercedes Benz E350 valued at $60000 along with 5 second prizes of Ducati motorcycles valued at $15000 each.
What are the expected winnings, in dollars, for a single ticket buyer? Your answer should be accurate to two decimal places (i.e. to the nearest cent).
Answer: $
Answer by greenestamps(13198) (Show Source): You can put this solution on YOUR website!

total cost of tickets: 9600($30) = $288,000

total value of prizes: $60,000 + 5($15,000) = $135,000

average winnings per dollar: 135/288 = $0.46875

average winnings in dollars per $30 ticket: 30($0.46875)=$14.0625

ANSWER: expected winnings per ticket to the nearest cent: $14.06

(Average gain/loss per ticket: $14.06 - $30 = -$15.94)

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