Araffle is being held at a benefit concert. the prizes are awarded as follows: 1 grand prize of $8,900.00, 3 prizes of $680.00, 8 prize of $95.00, and 15 prizes of $25.00. suppose 15000 raffle tickets are sold, if you buy one ticket for $2.00 then what is your expected value for this raffle?

The expected value of the ticket bought in the raffle draw will be $8.04

Explanation:

The total raffle sold is 15000 at $2 per ticket

The total value of the 15000 tickets will be = $2 * 1500 = $3000

what percentage is $2 in $3000

= 2/3000 * 100

= 0.0006 * 100 = 0.0666%

The total price money to be won will be

1 grand prize = $8900

3 prizes = 3 * $680 = $2040

8 prizes = 8 * $95 = $760

15 prizes = 15 * $25 = $375

total prize money = 8900 + 2040 + 760 + 375 = $12075

therefore the value of the one ticket bought will be

0.0666% of $12075 = $8.04

answer$22,000 ;