Question 73336
A school organization is holding a raffle. The prizes are a ski trip worth $200 and 5 secind prizes of $20 gift certificates to Ski's R Us. The club is selling 500 tickets. 
a.what is the expected value of exactly one ticket?
Values associated with one ticket are X=200,or 20,or 20 or 20, or 20, or 20,
or zero.

Therefore E(x)=(1/500)200+5(1/500)20+(499/500)*0 = (2/5)+1/5=$(3/5) or 60 cents
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b.If the tickets cost$1 each, what is the expected winnings someone who purchased 5 tickets?
E(X)=(5/500)(200+5*20)+(499/500)(-5)
=3-4.99
= - $1.99
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Cheers,
Stan H.