Stats. (College) Math

Question

The community church is having a fundraising to send its kids to a field trip. The church sells 452 tickets for a raffle. The price of the tickets are $3. If the prize of this raffle is 282, what is the expected value of this raffle?

Answer 1

282/452= 141/226= about 62 cent gain minus $3

= $2.38 loss expected value to the ticket buyer

$3 x 452 1356 total ticket sales

1356-282= 1074 = total net profit

1074/452=537/226

=about $2.38 per ticket profit to the church

loss per ticekt to the buy = gain per ticket to the church