e Math Team is hosting a raffle, and only 100 people will be allowed to enter.  A ticket costs $2 and the prize is a $50 gift card.  Only one person will win. What is the probability that you will win? What is the probability that you will not win?

Algebra and Trigonometry (MindTap Course List)
4th Edition
ISBN:9781305071742
Author:James Stewart, Lothar Redlin, Saleem Watson
Publisher:James Stewart, Lothar Redlin, Saleem Watson
Chapter14: Counting And Probability
Section14.3: Binomial Probability
Problem 26E
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The Math Team is hosting a raffle, and only 100 people will be allowed to enter.  A ticket costs $2 and the prize is a $50 gift card.  Only one person will win.

What is the probability that you will win?
What is the probability that you will not win?
Find the expected value.

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