Raffle tickets are sold. One first prize of $2000, two second prizes of $1000, and three third prizes of $300 each will be awarded, with all winners selected randomly. If you purchased one ticket, what are your expected gross winnings?

$4.9

Explanation:

I think your question is missed of key information, allow me to add in and hope it will fit the original one.

One thousands Raffle tickets are sold. One first prize of $2000, two second prizes of $1000, and three third prizes of $300 each will be awarded, with all winners selected randomly. If you purchased one ticket, what are your expected gross winnings?

My

Given:

Random wins                                                 The probability

One first prize of $2000                                 1/ 1000                    

Two second prizes of $1000                          2/1000

Three third prizes of $300                              3/1000

Win $0                                                              994/1000

So the expected gross winnings:

E(x) = [$2000*1 + $1000*2 + $300*3 + 994*0] / 1000

<=> E(x) = $49/10 = $4.9

Hope it will find you well.

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