What is the expected value of one raffle ticket

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Reference no: EM132402284

The PTO is selling raffle tickets to raise money for classroom supplies. A raffle ticket costs $4. There is 1 winning ticket out of the 160 tickets sold. The winner gets a prize worth $76. Round your answers to the nearest cent.

What is the expected value (to you) of one raffle ticket? $

What is the expected value (to you) if you purchase 8 raffle tickets. $

What is the expected value (to the PTO) of one raffle ticket? $

If the PTO sells all 160 raffle tickets, how much money can they expect to raise for the classroom supplies? 4(160)-76= $564

Reference no: EM132402284

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