If you purchased one ticket, what are your expected gross winnings?

label Mathematics
account_circle Unassigned
schedule 1 Day
account_balance_wallet $5

Five thousand raffle tickets are sold. One first prize of $1000,two second prizes of $500 each,and three third prizes of $100 each will be awarded, with all winners selected randomly.

Nov 3rd, 2015

Thank you for the opportunity to help you with your question!

with 1 ticket the  expected winning is 
1/5000 * $ 1000 + 2/5000 * $ 500 + 3/5000 * $ 100 = $0.20 + $ 0.20 + $ 0.06 = $ 0.46 

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Nov 3rd, 2015

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Nov 3rd, 2015
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