1000 raffle tickets are sold and the winner is chosen at random there is only one prize $500 in cash you buy one ticket(a) what is the probability you will win the prize of $500 (b) your expected earnings can be found by multiplying the value of the prize by the probability you will win the prize what are your expected earnings?

5 dollars

b) 500 x .001=.5

a) 1/1000= .001

To find the probability of winning the prize, let's first determine the total number of tickets sold. In this case, it is given as 1000 raffle tickets.

(a) Probability of winning the prize:
Since you bought one ticket out of the total 1000 tickets, the probability of winning the prize can be calculated by dividing the number of tickets you have by the total number of tickets:
Probability = Number of your tickets / Total number of tickets
Probability = 1 / 1000
Probability = 0.001 or 0.1%

Therefore, the probability you will win the $500 prize is 0.1%.

(b) Expected earnings:
Expected earnings can be calculated by multiplying the value of the prize by the probability of winning the prize.
Expected Earnings = Prize Value × Probability of Winning
Expected Earnings = $500 × 0.001
Expected Earnings = $0.50

Hence, your expected earnings from buying one ticket would be $0.50.