community youth group is having a raffle to raise funds. Several community businesses have donated prizes. The prizes and their retail value are listed in the table below. Each prize will be given away, regardless of the number of raffle tickets sold. Tickets are sold for $15 each. Determine the expected value of a ticket, and discuss whether it would be to your financial advantage to buy a ticket under the given circumstances. (Round your answer to the nearest cent. PRIZE                                          RETAIL VALUE         NUMBER OF PRIZES TO                                                                                      TO BE GIVEN AWAY new car                                        21,580                              1 cell phone & 1 yr subscrip                940                              1 1 yr subcription to internet               500                              2 dinner for 2 at Spiedini                      100                              2 yr subscription to newspaper             180                              20     (a) 1000 tickets are sold.EV = $ You should buy a ticket.You should not buy a ticket. (b) 2000 tickets are sold.EV = $ You should buy a ticket.You should not buy a ticket. (c) 3000 tickets are sold.EV = $ You should buy a ticket.You should not buy a ticket.

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A: Given that: Fee paid to cash a $100 = $7

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Statements and Logic

Logic is the analysis of general patterns of thoughts without regard to any specific sense of context.