Question

A raffle is set up

Answer 1

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  $=\frac{1}{50}$

Price to be won = $300

The probability of losing $=\frac{49}{50}$

Since each ticket costs $10.

The probability distribution of the price is therefore:

$\left|\begin{array}{c|c|c} Price(x)&-\ 10&300\\P(x)&\frac{49}{50} &\frac{1}{50} \end{array}\right|$

Expected Value

$=(-\ 500 \times \frac{49}{50})+(\ 300\times\frac{1}{50} )\\\\=-\ 3.80$