SOLUTION: A charity organization is selling raffle tickets for $1 each. There will be one $150 prize, one $100 prize, and two $50 prizes. Two hundred tickets are sold. On average, how much c

Question 196299: A charity organization is selling raffle tickets for $1 each. There will be one $150 prize, one $100 prize, and two $50 prizes. Two hundred tickets are sold. On average, how much can a person who buys a ticket expect to win or lose?

Thank you!
Found 2 solutions by edjones, strickjh2005:
Answer by edjones(8007) (Show Source): You can put this solution on YOUR website!
(150+100+2(50))/200
=350/200
=1.75
1.75-1.00
=$.75 amount a person should expect to win.
.
Ed
Answer by strickjh2005(4) (Show Source): You can put this solution on YOUR website!
Interesting charity, if you add up all the prize money, 150+100+2x50=$350.
And yet, there are only 200 tickets, at 1$/Ticket, you get $200.
This is the best charity ever! I would by all the tickets and get $350/$200= $1.75 on every dollar invested.
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