Answer:
-$2.28
Step-by-step explanation:
Given,
Total tickets = 12000,
The number of tickets in which price get = 2 ( one is $7500 and other is $ 1100 ),
Remaining tickets = 12000 - 2 = 11998,
Since, the price of each ticket = $ 3,
Thus, the value of ticket in which $ 7500 get = 7500 - 3 = $ 7497,
While, the value of ticket in which $ 1100 get = 1100 - 3 = $ 1097,
And, the value of remaining tickets = -$ 3,
( Negative sign shows the loss )
Now,
![\text{Probability}=\frac{\text{Favourable outcomes}}{\text{Total outcomes}}](https://tex.z-dn.net/?f=%5Ctext%7BProbability%7D%3D%5Cfrac%7B%5Ctext%7BFavourable%20outcomes%7D%7D%7B%5Ctext%7BTotal%20outcomes%7D%7D)
Hence, the expected winnings far a ticket buyer,
= Probability of the trial × value of the trial
![=\frac{1}{12000}\times 7497 + \frac{1}{12000}\times 1097-\frac{11998}{12000}\times 3](https://tex.z-dn.net/?f=%3D%5Cfrac%7B1%7D%7B12000%7D%5Ctimes%207497%20%2B%20%5Cfrac%7B1%7D%7B12000%7D%5Ctimes%201097-%5Cfrac%7B11998%7D%7B12000%7D%5Ctimes%203)
= -2.2833333
≈ -$2.28