Answer:
-$3.80
Step-by-step explanation:
In the raffle, there are a total of 50 ticket and only one price, therefore:
The probability of winning [tex]=\frac{1}{50}[/tex]
Price to be won = $300
The probability of losing [tex]=\frac{49}{50}[/tex]
Since each ticket costs $10.
The probability distribution of the price is therefore:
[tex]\left|\begin{array}{c|c|c}$Price(x)&-\$10&300\\P(x)&\frac{49}{50} &\frac{1}{50} \end{array}\right|[/tex]
Expected Value
[tex]=(-\$500 \times \frac{49}{50})+(\$300\times\frac{1}{50} )\\\\=-\$3.80[/tex]
