St. mary's church is holding a raffle in which 1172 tickets have been sold at a cost of $2.00 each. three prizes will be awarded: 1 for s500; 1 for $250; 1 for $125. if you buy one ticket, then your expected value for this raffle is $ you do not need to include the dollar sign (s) with your answer. give your answer as numerical value rounded to 2 decimal places. no $ sig? n

- 1.25 ( approx )

Step-by-step explanation:

Given,

Total tickets = 1172,

In which every ticket costs $ 2, also, three prizes will be awarded 1 for $ 500, 1 for $250 and 1 for $125.

Thus, we can make a table that represents the given situation,

Number of tickets            1                   1                      1              1169

Probability of ticket        1/1172          1/1172             1/1172         1169/1172

Price of ticket                  $ 500          $ 250            $ 125            - $ 2

( Note : Negative sign shows the loss, i.e. if we could not get any price then we have a loss of $ 2 )

Thus, the expected value of a ticket

5

10

15

20

25

30

35

40

45

50

55

17

step-by-step explanation:

51/3=17

thus 17 is your answer.