Tickets for a raffle cost $13. There were 810 tickets sold. One ticket will be randomly selected as the winner, and that person
wins $1100 and also the person is given back the cost of the ticket. For someone who buys a ticket, what is the Expected Value (the mean of the distribution)?
The expected value in this case would be the subtraction between the probability that the draw will win for its value (the prize + value of the ticket) and the value of the ticket for the probability of not winning the draw, thus:
