An Arts group holds a raffle. Each raffle ticket costs $2 and the raffle consists of 2500 tickets. The prize is a vacation worth $3,000. Determine the expected value if you buy five tickets.
a) State the expected value if you buy five tickets.
b) How much will the Arts group gain or lose if they sell all the tickets?

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17-07-2024
Mathematics

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An Arts group holds a raffle. Each raffle ticket costs $2 and the raffle consists of 2500 tickets. The prize is a vacation worth $3,000. Determine the expected value if you buy five tickets.
a) State the expected value if you buy five tickets.
b) How much will the Arts group gain or lose if they sell all the tickets?

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