A local charity sold 15,000 lottery tickets during a fundraiser. The prized were a $1000 credit voucher for a local travel agent, a $500 gift card donated by a furniture store, and four $150 gas cards. If each ticket cost $2, find and explain the expected "winning" for a randomly chosen ticket. For convience, assume the winning tickets are chosen with replacement. Round your answer to the nearest cent.

If you win the $1000 prize, you actually win $998 because you paid $2 for the ticket. And so forth. There are 6 winners and 14994 losers.



In other words, you can expect to lose $1.86 just for buying the ticket.