document.write( "Question 1167765: Suppose that there is a $5 raffle with prizes worth $1000, $500, and $250. Suppose 1000 tickets are sold and you purchase a ticket. Find your expected payback for this raffle. \n" ); document.write( "

Algebra.Com's Answer #792370 by ikleyn(52797) $\"\"$ $\"About$

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document.write( "Math expectation of winning amount is  \r\n" );
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document.write( "     = 1.75  dollars.\r\n" );
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document.write( "To get payback, you should subtract 5 dollars from it that you pay for a ticket.\r\n" );
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document.write( "Thus expected payback is  $1.75 - $5 = - $3.25.\r\n" );
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document.write( "It means that statistically you lose  $3.25 in average at each game, if you play many times.\r\n" );
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