One thousand raffle tickets are sold for $2.00 each. One grand prize of $800 and two consolation prizes of $100 each will be awarded. Jeremy purchases one ticket. Find his expected value.

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One thousand raffle tickets are sold for $2.00 each. One grand prize of $800 and two consolation prizes of $100 each will be awarded. Jeremy purchases one ticket. Find his expected value.

Mathematics
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At vero eos et accusamus et iusto odio dignissimos ducimus qui blanditiis praesentium voluptatum deleniti atque corrupti quos dolores et quas molestias excepturi sint occaecati cupiditate non provident, similique sunt in culpa qui officia deserunt mollitia animi, id est laborum et dolorum fuga. Et harum quidem rerum facilis est et expedita distinctio. Nam libero tempore, cum soluta nobis est eligendi optio cumque nihil impedit quo minus id quod maxime placeat facere possimus, omnis voluptas assumenda est, omnis dolor repellendus. Itaque earum rerum hic tenetur a sapiente delectus, ut aut reiciendis voluptatibus maiores alias consequatur aut perferendis doloribus asperiores repellat.

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$-1 Total prizes: $1000 Total tickets: $1000 prize/ticket = $1 Price paid = $2 $1-$2 = -$1
Result Net outcome Probability Win grand prize $798 1/1000 Win consol. prize $98 2/1000 Lose $-2 997/1000 Multiply net outcome by probability and add 798*1/1000 + 98*2/1000 + -2*997/1000 = $-1

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