Question

17) 100 raffle tickets are sold at $5 a piece.

There are two $100 winners and four
$25 dollar winners. What is the expected
value of a raffle ticket?
A) $2
B) $5
C) $-1.5
D) $-2

Answer 1

The total prize money is 200+100 which is 300

There is 100 tickets sold for $5 each so the people selling the tickets earn $500 and use $300 for prize money.

The expected value of 1 ticket is $5.00

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