SOLUTION: A raffle offers (1) first prize of $1000, (2) second prizes of $300 and (20) third prizes of $10. 15,000 tickets were sold for 25 cents each. Find the expected winnings for a perso

Question 238892: A raffle offers (1) first prize of $1000, (2) second prizes of $300 and (20) third prizes of $10. 15,000 tickets were sold for 25 cents each. Find the expected winnings for a person buying 1 ticket.
Answer by stanbon(75887) (Show Source): You can put this solution on YOUR website!
A raffle offers (1) first prize of $1000, (2) second prizes of $300 and (20) third prizes of $10. 15,000 tickets were sold for 25 cents each. Find the expected winnings for a person buying 1 ticket.
---------------------------------------------------
Random number values are 1000, 300 (twice) , 10 (20 times). (-0.25)
Corresponding probabilities are (1/15000), (2/15000), (20/15,000), (14977/15000)
--------------
Expected winnings: [1000 + 600 + 200 -(14977*0.25)]/15000
= (1800 - 3744.25)/15000 = -0.13 cents
---
Expected winnings are -13 cents
======================================
Cheers,
Stan H.
RELATED QUESTIONS
a raffle offers a first prize of $1000, 2 second prizes of $300, and 20 third prizes of... (answered by stanbon)

A raffle offers a first prize of $500, and two second prizes of $50 each. One ticket... (answered by stanbon)

A raffle is being held at a benefit concert. The prizes are awarded as follows: 1 grand... (answered by ikleyn,math_tutor2020)

A raffle has a first prize of $400, two second prizes of $ 75 eac, and ten third prizes... (answered by solver91311)

In a raffle 1000 tickets are being sold at $1.00 each. The first prize is $100. There are (answered by ewatrrr)

A charitable organization is selling raffle tickets for $4 . The first prize a computer... (answered by Theo)

A charitable organization is selling raffle tickets for $4 . The first prize a laptop... (answered by stanbon)

A lottery has a $ 2 000 000 first prize, a $ 250 000 second prize, and a three $5000... (answered by math_tutor2020,ikleyn)

Tickets were $2 each. 57,444 tickets were sold. 202 prizes were given. First prize was (answered by ankor@dixie-net.com)