You purchase a raffle ticket to out a charity. the raffle ticket costs $5. the charity is selling 2000 tickets. one of them will be drawn and the person holding the ticket will be given a prize worth $4000. compute the expected value for this raffle.

-$3

Explanation:

Data provided in the question:

Cost of raffle ticket = $5

Number of tickets sold = 2000

Probability of winning = 1 ÷ 2000 = 0.0005

Winning prize = $4,000

Now,

The expected value of prize =  Probability of winning × Winning prize

= 0.0005 × $4,000

= $2

Therefore,

The expected value for this raffle

= expected value prize - Cost of raffle ticket

= $2 - $5

= -$3

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1) the stages a new product goes through from beginning to end, i.e., the stages that a product passes through from introduction through growth, maturity, and decline. 2) the time from initial research and development to the time at which sales and support of the product to customers are withdrawn. 3) the period of time during which a product can be produced and marketed profitably.

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