A raffle offers a first prize of $1000, 2 second prizes of$300 each, and 20 third prizes of $10 each. If 10,000 tickets aresold at 50¢ each, find the expected payback for a person buying1 ticket. Is this a fair game?

College Algebra
1st Edition
ISBN:9781938168383
Author:Jay Abramson
Publisher:Jay Abramson
Chapter9: Sequences, Probability And Counting Theory
Section9.5: Counting Principles
Problem 42SE: In horse racing, a “trifecta” occurs when a bettor wins by selecting the first three finishers in...
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A raffle offers a first prize of $1000, 2 second prizes of
$300 each, and 20 third prizes of $10 each. If 10,000 tickets are
sold at 50¢ each, find the expected payback for a person buying
1 ticket. Is this a fair game?

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