Question

a company offers a raffle whose grand price is a $35,000 new car. Additional prizes are a $900 television and a $600 computer. Tickets cost $18 each. Ticket income over the the cost of the prizes will be donated to charity. If $3,000 tickets are sold, what is the expected gain or loss (in dollars) of each ticket?

Answer 1

3000 tickets, 3 prizes

1/3000 * 35,000 = $11.67 gain
1/3000 * 900 = $0.30 gain
1/3000 * 600 = $0.20 gain

Cost $18

$11.67 + 0.30 + 0.2 - 18 = - 5.83

Loss of $5.83 per ticket