Frazier Williams
01/02/2023 · Senior High School
29. Friendly City College needs to raise money to buy a computer. They decide to conduct a raffle. A single cash prize of \( \$ 1,000 \) is to be awarded. If they sell 3,000 tickets at \( \$ 2 \) each,, find the expected gain (loss) if you buy one ticket. There is only one winning ticket. Set up a probability distribution to receive full credit. Round to the nearest hundredth.
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The expected loss if you buy one ticket is $1.67.
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