A raffle has a grand prize of a Alaskan cruise valued at $15000 with a second prize of a Rocky Point vacation valued at $1300. If each ticket costs $2 and 8000 tickets are sold, what are the expected winnings far a ticket buyer?
Answer :
ticket money: 16000
prize money: 16300
difference: 300
difference per ticket: 0.3
so the expected winnings are 30 cents for a ticket buyer
(not very realistic to have expected winnings instead of expected loss ;-) )
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