Question

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?

Answer 1

you expect to lose 50 cents.
if you bought up all the tickets and spent $1000 you would get $500 back for a net loss of -500
averaged over the total number of tickts that is \(\frac{-500}{1000}=-.50\)

Answer 2

Thankyou so much!!

Answer 3

yw

Answer 4

Satelite is right