I've somehow convinced Frank Kobayashi, the current interim President of ARC, to let me hold a raffle; not to raise money for a good cause -- just for my profit.

I've decided to sell 500 raffle tickets at $20 each. I'll award one grand prize of $6,000. Find the expected value of one ticket.

Hint: Don't forget to subtract the cost of the raffle ticket from the prize money when calculating the profit for each outcome.

Expected Value (or EV) of your purchase of one raffle ticket =