Answer:
-$3.80
Step-by-step explanation:
In the raffle, there are a total of 50 ticket and only one price, therefore:
The probability of winning
Price to be won = $300
The probability of losing ![=\frac{49}{50}](https://tex.z-dn.net/?f=%3D%5Cfrac%7B49%7D%7B50%7D)
Since each ticket costs $10.
The probability distribution of the price is therefore:
![\left|\begin{array}{c|c|c}$Price(x)&-\$10&300\\P(x)&\frac{49}{50} &\frac{1}{50} \end{array}\right|](https://tex.z-dn.net/?f=%5Cleft%7C%5Cbegin%7Barray%7D%7Bc%7Cc%7Cc%7D%24Price%28x%29%26-%5C%2410%26300%5C%5CP%28x%29%26%5Cfrac%7B49%7D%7B50%7D%20%26%5Cfrac%7B1%7D%7B50%7D%20%5Cend%7Barray%7D%5Cright%7C)
Expected Value
![=(-\$500 \times \frac{49}{50})+(\$300\times\frac{1}{50} )\\\\=-\$3.80](https://tex.z-dn.net/?f=%3D%28-%5C%24500%20%5Ctimes%20%5Cfrac%7B49%7D%7B50%7D%29%2B%28%5C%24300%5Ctimes%5Cfrac%7B1%7D%7B50%7D%20%29%5C%5C%5C%5C%3D-%5C%243.80)