Expected Value??

Tickets for a raffle cost $14. There were 834 tickets sold. One ticket will be randomly selected as the winner, and that person wins
$
$1200 and also the person is given back the cost of the ticket. For someone who buys a ticket, what is the Expected Value (the mean of the distribution)?

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  1. expected value=(1/834 *(1214)) -14

    This is expected value of the ticket before purchase.
    one expects to lose 12.54 on each ticket.

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    bobpursley

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