SOLUTION: You buy a raffle ticket that cost you $5. There are 200 total tickets sold for this raffle. If your ticket is drawn first, you win the grand prize of $500. If your ticket is drawn

Question 1119354: You buy a raffle ticket that cost you $5. There are 200 total tickets sold for this raffle. If your ticket is drawn first, you win the grand prize of $500. If your ticket is drawn 2nd you win $50, and if your ticket is drawn 3rd you win $10. What is your expected "winnings" for this raffle?
Answer by Boreal(15235) (Show Source): You can put this solution on YOUR website!
E(X)=+500(1/200) x*P(x)+(199/200)(1/199)(50)+(199/200)(198/199)(1/198)(10)-5, the cost of the ticket
=$2.50+$0.25+$0.05-5=minus $2.20.
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