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Suppose you purchase a raffle ticket for $1.00. First prize is $5,000, second prize is $1,000, and third prize is $500. If 500 tickets are sold, what should you expect to win or lose? Round the answer to the nearest cent.
$0.99 loss
$13.00 loss
$10.00 gain
$12.00 gain

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They are giving out $6,500 in prize money and $500 worth of tickets are sold??

That's right, but more importantly, we have 500 competitors.

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