In a raffle where 2000 tickets are sold for $2 each, one first prize of $400 and one second prize of $200 will be awarded. what is the expected value of a single ticket in the raffle? round your answer to the nearest hundredth, and do not include a $ sign or the word "dollars" in your response.

The expected value is -$1.7

Step-by-step explanation:

Consider the provided information.

In a raffle where 2000 tickets are sold for $2 each,

One first prize of $400 and one second prize of $200 will be awarded.

Suppose you bought a ticket for $2 and win first price, Then the gain will be: $400-$2=$398

Suppose you bought a ticket for $2 and win second prize, then the gain will be:

$200-$2=$198

Suppose you bought a ticket for $2 and you got nothing, the the loss will be -$2.

The probability of getting first prize is:

Because only one person is selected for first prize out of 2000.

The probability of getting second prize is:

The probability of getting nothing is:  

Hence the expected value is:

Hence, the expected value is -$1.7

answer by yourhope:

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