The PTA is holding a raffle. The prize is a camera worth $200. Each raffle ticket costs $5. One hundred tickets are sold and a winner is drawn at random.
:) The raffles makes a profit of $300 The expected value of a raffle ticket is: (1/100)(200-5)-(99/100)5= -$3.00/ticket :D Just kidding, more to the question???
50 people bought tickets