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At a fundraiser, 5000 tickets are sold at $10 each for eight prizes: a new car worth $21,000, two European vacation worth $5000 each, and
At a fundraiser, 5000 tickets are sold at $10 each for eight prizes: a new car worth $21,000, two European vacation worth $5000 each, and five cash prizes of $1000 each. You buy 1 ticket. What is the expected value of your gain?
Enter your answer in dollars, rounded to the nearest hundredth.
Answer: I would expect to lose about $___ per ticket.
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