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expected value per ticket from the standpoint of the charity?

A First Course in Probability (10th Edition)

10th Edition

ISBN:9780134753119

Author:Sheldon Ross

Publisher:Sheldon Ross

Chapter1: Combinatorial Analysis

Section: Chapter Questions

Problem 1.1P: a. How many different 7-place license plates are possible if the first 2 places are for letters and...

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Q: number

Question

As a fundraiser, the local charity is raffling off a prize worth $500.00. They plan to sell 1300 tickets at a cost of $1.00 each. What is the expected value per ticket from the standpoint of the charity? Round your answer to the nearest cent.

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