The girl scouts hold a raffle to raise money. Each ticket is $5 to buy and...

The girl scouts hold a raffle to raise money. Each ticket is $5 to buy and the first place prize is a trip to NYC valued at $255, the second place prize is a $50 Target gift card, and there are also 3 minor prizes of $10 Target gift cards. Suppose 700 tickets are sold. What is the expected value of this game for someone buying a ticket? Leave your answer in formula form, do not evaluate it.

Expert Solution

orchestra answered 2 years ago

1. Suppose a raffle costs $4 to buy a ticket. there are 100 tickets and you buy one ticket. what is your expected winning if the following prizes are awarded:

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