The expected gain or loss for buying 1 ticket is -$1.83
What is the average price per ticket?
The average price per ticket is the sum of the prizes paid divided by the number of tickets sold for the school fundraiser, in other words, the average price ticket is the prize of $100 plus the total of 5 smaller prizes, divided by 1200 raffle tickets.
average price per ticket=($100+(5*$20)/1200
average price per ticket=$0.17
the cost per ticket=$2.00
The expected gain or loss for buying 1 ticket=$0.17-$2.00
The expected gain or loss for buying 1 ticket=-$1.83
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