Solution-Expected winnings for a single ticket buyer

Expected winnings for a single ticket buyer

Reference no: EM131214267

A charity holds a raffle in which each ticket is sold for $40. A total of 11200 tickets are sold. They raffle one grand prize which is a Mercedes Benz E350 valued at $55000 along with 2 second prizes of Honda motorcycles valued at $11000 each. What are the expected winnings for a single ticket buyer? Express to at least three decimal place accuracy in dollar form (as opposed to cents).

Reference no: EM131214267

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Expected winnings for a single ticket buyer

Reference no: EM131214267

Reference no: EM131214267

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