8 Basic Computation: Expected Value For a fundraiser, 1000 raffle tickets are sold and the winner is chosen at random. There is only one prize, $500 in cash. You buy one ticket. (a) What is the probability you will win the prize of $500? (b) Your expected earnings can be found by multiplying the value of the prize by the probability you will win the prize. What are your expected earnings? (c) If the ticket costs $2, what is the difference between your “costs” and “expected earnings”? How much are you effectively contributing to the fundraiser?

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