SOLUTION: a raffle is being held for a local church. The raffle has 3 prizes. First prize is $1000, second is $500 and third is $100. If tickets for the raffle cost $5. what is your expectat

Algebra ->  Probability-and-statistics -> SOLUTION: a raffle is being held for a local church. The raffle has 3 prizes. First prize is $1000, second is $500 and third is $100. If tickets for the raffle cost $5. what is your expectat      Log On


   



Question 928934: a raffle is being held for a local church. The raffle has 3 prizes. First prize is $1000, second is $500 and third is $100. If tickets for the raffle cost $5. what is your expectation if you buy 1 ticket and the church sold 2000 tickets?
Answer by ewatrrr(24785) About Me  (Show Source):
You can put this solution on YOUR website!
exp = 995%2F2000+%2B+495%2F2000+%2B+95%2F2000+-+5%281997%29%2F2000 = -$4.20