A nonprofit organization plans to hold a raffle to raise funds for its operations. A total of 1,000 raffle tickets will be sold for $1.00 each. After all the tickets are sold, one ticket will be selected at random and its owner will receive $50.00. The expected value for the net gain for each ticket is - $0.95. What is the meaning of the expected value in this context?

Question

Mathematics

Randy Fields

25 August, 01:35

A nonprofit organization plans to hold a raffle to raise funds for its operations. A total of 1,000 raffle tickets will be sold for $1.00 each. After all the tickets are sold, one ticket will be selected at random and its owner will receive $50.00. The expected value for the net gain for each ticket is - $0.95. What is the meaning of the expected value in this context?

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Easton Castro · Answer 1

ticket owner loses an average of $0.95 per raffle ticket

Step-by-step explanation:

No profit organization plans to hold a raffle to raise funds for its operation. The expected value in this context is that ticket owner loses an average of $ 0.95