Question 445456
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Hi
Note: in red: prize amount - the $5 cost of the ticket
One thousand raffle tickets are sold for $5.00 each. 
One grand prize of $1000 and two consolation prizes of $200 each will be awarded.
 total prize money awarded  = $1000, $200, 200 
E(X)=&#8721;X*P(X) = {{{highlight(995)*(1/1000) + highlight(195)*(1/1000) + highlight(195)*(1/1000) - 5*(997/1000)}}}
             = .995 + .195 + .195 - 4.985 = -$3.60