• The expected value of a single ticket in the raffle here is as follows:
1. E= -cost of ticket + expected payout,
where cost of ticket = $2
expected payout = 1(/7000) * 2900= 2/7
substituting this to the above formula we will have
E = -2 + 2/7
= -12/7 = -1.714
Therefore -$1.714 is the expected value of a single ticket in the raffle here.
