SOLUTION: A church raffle will be held during the Columbus Day weekend festival. 1000 Tickets will be sold at $10 each. One first prize of $3000 will be awarded, along with two second-place
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Question 978491: A church raffle will be held during the Columbus Day weekend festival. 1000 Tickets will be sold at $10 each. One first prize of $3000 will be awarded, along with two second-place prizes of $1000 each. Assume all 1000 tickets will be sold and you purchase one ticket. What are your expected winnings?
Answer by solver91311(24713) (Show Source): You can put this solution on YOUR website!
You have a 1/1000 chance of winning 3K for an expected payout of $3, plus a 2/1000 chance of winning 1K for an expected payout of $2, minus the 10 bucks you paid for the ticket for an overall expected result of -$5.
John
My calculator said it, I believe it, that settles it
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