Araffle is being held at a benefit concert. the prizes are awarded as follows: 1 grand prize of $8,900.00, 3 prizes of $680.00, 8 prize of $95.00, and 15 prizes of $25.00. suppose 15000 raffle tickets are sold, if you buy one ticket for $2.00 then what is your expected value for this raffle?

The expected value of the ticket bought in the raffle draw will be $8.04

Explanation:

The total raffle sold is 15000 at $2 per ticket

The total value of the 15000 tickets will be = $2 * 1500 = $3000

what percentage is $2 in $3000

= 2/3000 * 100

= 0.0006 * 100 = 0.0666%

The total price money to be won will be

1 grand prize = $8900

3 prizes = 3 * $680 = $2040

8 prizes = 8 * $95 = $760

15 prizes = 15 * $25 = $375

total prize money = 8900 + 2040 + 760 + 375 = $12075

therefore the value of the one ticket bought will be

0.0666% of $12075 = $8.04

if you use only 25 for your entertainment and only 200 for the groceries that you really need and take out the 50 per month for the computer then that should be enough

answer; (10%) commission;