Acharity organization hosts a raffle drawing at a fund raising event. the organization sells 2500 tickets at a price of $8 each. winning tickets are randomly selected, with 30 prizes of $100, 10 prizes of $500, and 1 grand prize of $8000.

-$1.6

Step-by-step explanation:

Complete Question:

A charity organization hosts a raffle drawing at a fund raising event. The organization sells 2500 tickets at a price of $8 each. Winning tickets are randomly selected, with 30 prizes of $100, 10 prizes of $500, and 1 grand prize of $8000. Find the expected winnings for a person buying 1 ticket.

Solution:

The expected value is the probability of an event multiplied by its earnings. IF there are more than 1 event, the expected value is sum of all those products.

So,

The probability of winning 1st prize is 1/2500

Probability of 10 prize = 10/2500

Probability of 30 prize = 30/2500

Value of 1st prize 8000

Value of 10 prize = 500

Value of 30 prize = 100

Now, expected value would be:

8000(1/2500) + 500(10/2500) + 100(30/2500) = $6.4

Since buying ticket costs 8, the expected value would be 6.4 - 8 = -$1.6

the answer is 200

step-by-step explanation:

the way the question is worded, it seems to imply the $264 interest is simple interest, not compound interest.

the simple interest for 2 years is $264; the simple interest for 1 year is $132.

$132 interest on a $600 investment means an interest rate of (132/600)*100 = 22%.

the value of $200 at 22% interest compounded annually for three years is

200%281.22%29%5e3

the amount of interest is that value, minus the original $200.

answer:      

step-by-step explanation: