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29 July, 23:03

Suppose you decide to raise money by ref and a trip were $500 if 3000 tickets were sold at $1 each find expected net winnings for a person who buys One ticket

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  1. 29 July, 23:04
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    The expected net winnings for a person is $2500.

    Step-by-step explanation:

    Given:

    A charitable organisation decides to raise money by raffling a trip worth $500. 3,000 tickets are sold at $1.00

    To Find:

    The expected net winnings for a person who buys 1 ticket. = ?

    Solution:

    Since there are 3000 tickets and the price of each ticket is $1. We can find the total amount collected for the event as follows:

    3000 x 1=$3000

    It is given that the charitable trip is worth $500.

    So, the money left as prize money is

    =3000-500

    =2500
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