Five thousand tickets are sold at $1 each for a charity raffle. Tickets are to be drawn at random and monetary prizes awarded as follows: 1 prize of $500, 3 prizes of $300, 5 prizes of $50, and 20 prizes of $5. What is the expected value of this raffle if you buy 1 ticket?

the expected value of this raffle if you buy 1 ticket = -0.65

Step-by-step explanation:

Given that :

Five thousand tickets are sold at $1 each for a charity raffle

Tickets are to be drawn at random and monetary prizes awarded as follows: 1 prize of $500, 3 prizes of $300, 5 prizes of $50, and 20 prizes of $5.

Thus; the amount and the corresponding probability can be computed as:

Amount                            Probability

$500 -$1 = $499                1/5000

$300 -$1 = $299                3/5000

$50 - $1 = $49                     5/5000

$5 - $1 = $4                      20/5000

-$1                                   1- 29/5000 = 4971/5000

The expected value of the raffle if 1 ticket is being bought is  as follows:

Thus; the expected value of this raffle if you buy 1 ticket = -0.65

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