Statistics discrete probably

Question

Tickets for a raffle cost $10. There were 657 tickets sold, One ticket will be randomly selected as the

winner, and that person wins $1200 and also the person is given back the cost of the ticket. For

someone who buys a ticket, what is the Expected Value (the mean of the distribution)?

Answer 1

1200/657=about $1.83, ignoring the $10 ticket charge

if you somehow bought all 657 tickets, you'd be sure to win

then you'd win $1200, and each ticket would have an expected value of 1200/657 = $1.83

but you also have a 656/657 x $10 = $9.98 expected loss on each ticket

-9.98 + 1.83 = -$8.15

expected value of buying a ticket is a loss of $8.15

mean =-$8.15

median and mode =-$10