Question 1195582
Expected value of gain is $64(1/230)=$64/230=$0.278  or $0.28
Expected value of loss is -$3(229/230)=-$2.99
The expected value to you  is -$2.71 or to the PTO +$2.71
If you purchase 12 raffle tickets, you have a 12/230 chance of winning $64 for an expected value of +$3.39
The cost to you is $36(218/230)=-$34.12, so the overall expectation is -$30.73
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The PTO will get $690 revenue-$64 cost of prize=$626.