Outcomes Probability Probabilities for a Raffle Correct? Win $10 gift card: +$8 Win $50 gift card: +$48 Win $100 gift card: +$98 Lose: -$2 Your Score An organization is selling raffles for $2 a piece. The prizes are as follows: 5 gift cards valuing $10 a piece, 3 gift cards valuing $50 a piece, and and 1 gift card valuing $100. Find the expected value of purchasing a single ticket if 1,000 raffle tickets are sold. Solution: We will create a table to organize the information. Step 1: List all outcomes in the first column. Note: If someone wins $10, they only have a net earning of $8 since they played $2 to play. The concept is the same for all other prizes. Don't forget to include the outcome where someone loses! (This is already done for you!) Step 2: List the probability associated with each outcome in the second column. For example, what is the probability of winning a $10 gift card? What about a $50 or $100 gift card? Fill in the "Probability" column to complete the table