Question

A charity is selling raffle tickets at $10 apiece. Ten third-place winners will be drawn, each winning $20. Five second-place winners will be drawn, each winning $50. Finally, one grand prize of $200 will be awarded. If 100 tickets are sold, what is the expected value of one ticket?

Answer 1

In order to find the expected value, we must calculate the average returns on each ticket. So After doing this, we can say that each ticket will cost $6.50. I hope this is what you were looking for