SOLUTION: Hello is anyone here to help me I really can use some help please thank you 1000 raffle tickets are sold at $3 each. One grand prize of $100 and two consolation prizes of $75 w

Question 199667: Hello is anyone here to help me I really can use some help please thank you
1000 raffle tickets are sold at $3 each. One grand prize of $100 and two consolation prizes of $75 will be awarded. Find Jake�s expectation if he purchases one ticket.
Answer by edjones(8007) (Show Source): You can put this solution on YOUR website!
100+2(75)=$250 prize money
1000*3=$3,000 total money paid for tickets.
250/3000=1/12 returned as prize money.
3 * 1/12 = .25 prize money per ticket.
-3.00+.25= -$2.75 Jake's expectation on a $3.00 ticket.
.
Ed
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