1. A charity sells raffle tickets for $1 each. First prize is $500, second prize is $100,...

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1. A charity sells raffle tickets for $1 each. First prize is $500, second prize is $100, third prize is $10. If you bought one of the 1000 tickets sold, what are your expected winnings?
2. Suppose a student is offered a chance to draw a card from an ordinary deck of 52 playing cards and win $15 for an ace, $10 for a king, and $1 for a queen. If the student pays $4 to play the game, what is the amount the student expects to win each time?
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