There are two different raffles you can enter. Raffle A, which is for a fundraiser, has 250 tickets. Each ticket costs $11. One ticket will win a $890 prize, and the remaining tickets will win nothing. Out of 500 tickets in raffle B, each costing $4, one ticket will win a $270 prize. The other tickets will win nothing. Which raffle is a better deal? Choices: (A)Raffle A (B)Raffle B

Calculate Expected Value Raffle A: Calculate the expected value for Raffle A. Expected value = (Probability of winning * Prize value) - (Probability of losing * Cost per ticket) Expected value for Raffle A = (1/250 * $890) - (249/250 * $11)Perform Calculations Raffle A: Perform the calculations for Raffle A. Expected value for Raffle A = ($3.56) - ($9.90) Expected value for Raffle A = -$6.34Calculate Expected Value Raffle B: Calculate the expected value for Raffle B. Expected value for Raffle B = (1/500 * $270) - (499/500 * $4)Perform Calculations Raffle B: Perform the calculations for Raffle B. Expected value for Raffle B = ($0.54) - ($3.996) Expected value for Raffle B = -$3.456Compare Expected Values: Compare the expected values of both raffles to determine the better deal. Raffle A has an expected value of -$6.34, and Raffle B has an expected value of -$3.456.Conclude Better Deal: Conclude which raffle is a better deal based on the higher expected value. Raffle B is a better deal because it has a less negative expected value.

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There are two different raffles you can enter. $\newline$ Raffle A, which is for a fundraiser, has $250$ tickets. Each ticket costs $\$11$ . One ticket will win a $\$890$ prize, and the remaining tickets will win nothing. $\newline$ Out of $500$ tickets in raffle B, each costing $\$4$ , one ticket will win a $\$270$ prize. The other tickets will win nothing. $\newline$ Which raffle is a better deal? $\newline$ (A)Raffle A $\newline$ (B)Raffle B

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Q. There are two different raffles you can enter.

\newline

Raffle A, which is for a fundraiser, has

250

tickets. Each ticket costs

\$11

. One ticket will win a

\$890

prize, and the remaining tickets will win nothing.

\newline

Out of

500

tickets in raffle B, each costing

\$4

, one ticket will win a

\$270

prize. The other tickets will win nothing.

\newline

Which raffle is a better deal?

\newline

(A)Raffle A

\newline

(B)Raffle B

Calculate Expected Value Raffle A: Calculate the expected value for Raffle A. $\newline$ Expected value = (\text{Probability of winning} \times \text{Prize value}) - (\text{Probability of losing} \times \text{Cost per ticket}) $\newline$ Expected value for Raffle A = $\left(\frac{1}{250} \times \$890\right) - \left(\frac{249}{250} \times \$11\right)$
Perform Calculations Raffle A: Perform the calculations for Raffle A. $\newline$ Expected value for Raffle A = $(\$3.56) - (\$9.90)$ $\newline$ Expected value for Raffle A = $-\$6.34$
Calculate Expected Value Raffle B: Calculate the expected value for Raffle B. Expected value for Raffle B = $\frac{1}{500} * (\$270)$ - $\frac{499}{500} * (\$4)$
Perform Calculations Raffle B: Perform the calculations for Raffle B. $\newline$ Expected value for Raffle B = $(\$0.54) - (\$3.996)$ $\newline$ Expected value for Raffle B = $-\$3.456$
Compare Expected Values: Compare the expected values of both raffles to determine the better deal. Raffle A has an expected value of $-\$6.34$ , and Raffle B has an expected value of $-\$3.456$ .
Conclude Better Deal: Conclude which raffle is a better deal based on the higher expected value. $\newline$ Raffle B is a better deal because it has a less negative expected value.