A charity is holding a raffle and sells 2000 tickets for $2 each. One ticket will win a grand
prize of $500. Two other tickets will be selected to win consolation prizes of $50 each.
Find the expected value if you buy one raffle ticket.

You would expect to lose $1.80 for each ticket purchased
You would expect to lose $ 1.55 for each ticket purchased
You would expect to lose $1.70 for each ticket purchased
You would expect to lose $1.60 for each ticket purchased