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A school raffle has 200 raffle tickets for sale. They cost $30 each. There are 4...

A school raffle has 200 raffle tickets for sale. They cost $30 each. There are 4 winning tickets, one worth $2000 and the rest worth $1000.

What is the expected value for the school selling the tickets?  

math   Statistics-And-Probability   
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Answer #1

Expected winning amount from each ticket = (1*$2000 + 3*$1000)/200

= $25

Thus, the expected value for the school selling the tickets = $30 - $25

= $5

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