The local fire company is having a raffle to raise money for Fourth of July fireworks. They will sell one thousand tickets at $10 each. They will award one first prize of $300, one second prize of $150, and one third prize of $50. The other tickets will win nothing. What is the expected value of a ticket?

The expected value of a ticket is of -$5.

Step-by-step explanation:

The expected value of the ticked is the probability of earning each prize multiplied by the prize, and subtracted by the value of the ticket.

Value of the ticket:

$10.

100 tickets are sold. They will award one first prize of $300, one second prize of $150, and one third prize of $50.

Thus, 1/100 probability of earning $300, 1/100 probability of 150 and 1/100 probability of 50. So

The expected value of a ticket is of -$5.

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