It is given that 8000 tickets are sold for $2 each, one prize of $4200 will be awarded.
The expected value is determined as
[tex]\frac{1}{8000\times4198}+\frac{7999}{8000\times-2}[/tex][tex]\frac{1}{8000\times4198}-\frac{7999}{8000\times2}=\frac{1}{8000}(\frac{2-33,579,802}{4198\times2})[/tex][tex]\frac{1}{8000}(\frac{-3183600}{796})=\frac{-3183600}{6368000}=-0.499[/tex]The expected value of a single ticket in the raffle is -0.499 dollar.
