## 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 2 Answers 34 views 0

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$1.83