Is the PTA s raffle a mathematically fair game Why or why

Last updated: 5/25/2023

Is the PTA s raffle a mathematically fair game Why or why not The PTA is holding a raffle to raise money for the elementary school They are selling 500 raffle tickets for 5 00 each They will draw tickets randomly and will be awarding a grand prize of 750 a second prize of 100 and five prizes of 20 Complete the probability distribution table if all tickets are sold and answer the questions that follow Amount of Prize X Probability of Winning P X 750 100 20 0 OYes it is fair because every ticket has an equal chance of being a winner OYes it is fair because the expected value is more than the cost to play OYes it is fair because the expected value is the same as the cost to play O No it is not fair because the expected value is less than the cost to play O No it is not fair because most people win nothing