SOLUTION: Nine hundred raffle tickets are sold for $2 each. One prize of $1500 will be awarded. Sophia purchases one ticket, what is her expected value?

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Question 1118769: Nine hundred raffle tickets are sold for $2 each. One prize of $1500 will be awarded. Sophia purchases one ticket, what is her expected value?
Answer by Fombitz(32388) About Me  (Show Source):
You can put this solution on YOUR website!
Her probability of winning is 1/900.
E=%281%2F900%291500-2
E=5%2F3-6%2F3
E=-1%2F3
On average, she'll lose approximately 33 cents.