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OpenStudy (anonymous):
A high school band booster club is selling 1000 raffle tickets for $1 each. The winner will be drawn randomly and will win $500. What is your expected gain if you purchased one ticket?
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OpenStudy (anonymous):
Expected value is negative fifty cents. You put in a dollar. You have a 1/1000 chance to win $500. Multiply to get the expected return, subtract from the investment to get the expected gain of -$0.50. This is, of course not really a gain....
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