GSE PreCalculus Probability Distribution Handout Name 1. Let's compare two different raffles to see which ticket you should buy. a. Raffle 1: 800 raffle tickets are sold for $2.00 each. There is one grand prize for $450 and two consolation prizes of $100 each that will be awarded. What is the expected value of one ticket? Outcome Probability b. Raffle 2: 350 raffle tickets are sold for $2.00 each. There is one grand prize of $150 and three consolation prizes of $50 each. What is the expected value of one ticket? Outcome Probability c. Which raffle ticket should you purchase? Why