Originally Posted by

**cubs3205** A local teacher's education association decides to hold a raffle. They are going to sell 500 tickets for $20.00 each. 1st Prize is a $5000 scholarship, 2nd Prize is a $1000 scholarship, and the 3rd Prize is a $500 scholarship. You decide to purchase $100 worth of tickets. What are your expected winnings?

a -17.28

b -86.40

c -0.80

d 20.00

I approached it as this

there is 3/500 chance of winning $5000

there is 3/500 chance of winning $1000

there is 3/500 chance of winning $500

and t here is 497/500 chance of losing the 100

so i summed the probabilities and winnings

(3/500)4900 + (3/500)(900) + (3/500)(100) + 497/500(-100)

i don't get any of the answer choices

what am i doing wrong?