Question 1200327
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Tickets for a raffle cost $15. There were 621 tickets sold. 
One ticket will be randomly selected as the winner, and that person wins $1800. 
For someone who buys a ticket, what is the Expected Value (the mean of the distribution)?
If the Expected Value is negative, be sure to include the "-" sign with the answer. 
Express the answer rounded to two decimal places.
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<pre>
Expected Value = {{{(1/621)*1800 - 15}}} = -12.10 dollars  (rounded).    <U>ANSWER</U>
</pre>

Solved.


The formula is self-explanatory due to its structure.