A charity is selling 500 raffle tickets. One lucky person will win the grand prize of a Hawaiian vacation valued at $7,000. Three (3) people will each win a free health club membership valued at $100. Ten (10) people will each win a $25 gasoline card. a) Calculate the expected winnings. SHOW YOUR WORK! b) How much should the charity charge to buy a raffle ticket? You decide, but explain in words, what this means to a person buying a raffle ticket. What is the expected value?

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