Question 321048
The college Student senate is sponsoring a spring break Carribbean cruise raffle. The proceeds are to be donated to the samaritan Center for the homeless.
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A local travel agency donated the cruise, valued at $2,000. 
The students sold 2852 raffle tickets at $5 per ticket. 
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Kevin bought six tickets. What is kevins expected value for the raffle? How much did kevin effectivly contribute to the samaritan center for the homeless?
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Let X be "Kevin's gain":
Random number values: -30 , 1970
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Corresponding Probabilities: 2846/2852, 6/2852
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E(X) = (1/2852)(-30*2846 + 6*1970) = -$25.79 
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He can expect to contribute $25.79 to the center.
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Cheers,
Stan H