A raffle has a grand prize of a Caribbean cruise valued at $14500 with a second prize of a Las Vegas getaway valued at $1500. If each ticket costs $3 and 8000 tickets are sold, what are the expected winnings for a ticket buyer? Express to at least three decimal place accuracy in dollar form (as opposed to cents).

Expected winning  = -$0.9988

Step-by-step explanation:

given data

cruise valued = $14500

getaway valued = $1500

ticket costs = $3

tickets sold =  8000

solution

we get here expected winnings for a ticket buyer so first we get

P (winning $14500) =

P(winning $1500) =  

P(loosing $3) = 1 - 2 ×    =  

so here Expected winning is

Expected winning  = ( $14500 - 3 ) ×  + ( 1500 - 3 ) × - ( 3 ) ×

Expected winning  = 1.8121 + 0.1871 - 2.998

Expected winning  = -$0.9988

the answer for this question is 38