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## A school fundraiser sells 1,200 raffle tickets. Each ticket costs $2. There is one grand prize worth $100 and 5 smaller prizes worth $20 eac

Question

A school fundraiser sells 1,200 raffle tickets. Each ticket costs $2. There is one grand prize worth $100 and 5 smaller prizes worth $20 each. What is the expected gain or loss for buying 1 ticket? loss of $1.91 loss of $1.83 gain of $2.16 loss of $1.99

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5 months
2021-08-16T17:23:41+00:00
2021-08-16T17:23:41+00:00 2 Answers
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## Answers ( )

Answer:loss of $1.83

Step-by-step explanation:The average prize per ticket is …

($100 +5($20))/1200 = $200/1200 ≈ $0.1667 ≈ $.17

You pay $2.00 for a ticket, so your expected value is …

-$2.00 +0.17 = -$1.83 . . . .

a loss of $1.83Answer:loss of 1.83

Step-by-step explanation:iready test