Question 387671
The total value of the prizes to be won = $600 + 2*100= $800.


Since 1000 tickets were sold, the probability of winning on each ticket is 1/1000.


Therefore Expected Value  = Probability * Prize = {{{(1/1000) * 800 }}} = {{{800/1000 = .8}}} or $0.80.  


Somebody is making a LOT of money on this raffle!!  I hope it's a good charity!!


Dr. Rapalje