Question

A nonprofit organization plans to hold a raffle to raise funds for its operations. A total of 1,000 raffle tickets will be sold for $1.00 each. After all the tickets are sold, one ticket will be selected at random and its owner will receive $50.00. The expected value for the net gain for each ticket is -$0.95. What is the meaning of the expected value in this context?

Answer 1

Answer:

ticket owner loses an average of $0.95 per raffle ticket

Step-by-step explanation:

No profit organization plans to hold a raffle to raise funds for its operation .The expected value in this context is that ticket owner loses an average of $ 0.95