Part A: At a raffle, 1,000 tickets are sold at $5 each for three prizes valued at $800, $400, and $200. What is the expected gain of one ticket? Interpret the value of the mean in the context.

First, complete the Probability Model:

For each slot you have 3 different number answer choices. Choose the correct number for each slot shown below:

Net Gain 795 395 195 -5 Probability vEE\fAfter many, many tickets the average outcome will be winning $345 Outcomes will typically vary from the mean by about 345 After many, many tickets the average outcome will be losing $3.60 Outcomes will typically vary from the mean by about 3.6 After many, many tickets the average outcome will be winning $28.95 Outcomes will typically vary from the mean by about 28.95