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There are two different raffles you can enter.\newlineRaffle A has 250250 tickets, and each costs $11\$11. One ticket will win a $780\$780 prize. The other tickets will win nothing.\newlineOut of 200200 tickets in raffle B, each costing $17\$17, one ticket will win a $340\$340 prize. The other tickets will win nothing.\newlineWhich 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.\newlineRaffle A has 250250 tickets, and each costs $11\$11. One ticket will win a $780\$780 prize. The other tickets will win nothing.\newlineOut of 200200 tickets in raffle B, each costing $17\$17, one ticket will win a $340\$340 prize. The other tickets will win nothing.\newlineWhich raffle is a better deal?\newline(A)Raffle A\newline(B)Raffle B
  1. Calculate Expected Value Raffle A: Calculate the expected value for Raffle A.\newlineExpected value = (\text{Probability of winning} \times \text{Prize value}) - (\text{Probability of losing} \times \text{Cost per ticket})\newlineExpected value for Raffle A = (1250×$780)−(249250×$11)\left(\frac{1}{250} \times \$780\right) - \left(\frac{249}{250} \times \$11\right)
  2. Math Raffle A: Do the math for Raffle A.\newlineExpected value for Raffle A = $(3.12)\$(3.12) - $(9.924)\$(9.924)\newlineExpected value for Raffle A = -\$(\(6\).\(804\))
  3. Calculate Expected Value Raffle B: Calculate the expected value for Raffle B.\(\newline\)Expected value for Raffle B = \(\frac{1}{200} * (\$340)\) - \(\frac{199}{200} * (\$17)\)
  4. Math Raffle B: Do the math for Raffle B.\(\newline\)Expected value for Raffle B = \(\$(1.70)\) - \(\$(16.915)\)\(\newline\)Expected value for Raffle B = \(-\$(15.215)\)

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