Question 1186121
Here's how to calculate the expected value of a raffle ticket:

**1. Calculate the probability of winning:**

* There is 1 winning ticket out of 713 total tickets.
* Probability of winning = 1/713

**2. Calculate the net winnings if you win:**

* You win $1800, and you get your $12 ticket cost back.
* Net winnings = $1800 + $12 = $1812

**3. Calculate the net loss if you lose:**

* You lose the cost of the ticket.
* Net loss = -$12

**4. Calculate the expected value:**

Expected Value = (Probability of Winning * Net Winnings) + (Probability of Losing * Net Loss)

Expected Value = (1/713 * $1812) + (712/713 * -$12)

Expected Value ≈ $2.54 + (-$11.96)

Expected Value ≈ -$9.42

**Therefore, the expected value of the raffle ticket is approximately -$9.42.** This means that on average, a person buying a ticket can expect to lose about $9.42.