The local Lions Club is holding a raffle In order to simplif

The local Lions Club is holding a raffle. In order to simplify things they are giving away money prizes. 10,000 tickets will be sold for $2 each. The prizes are as follows: one first prize of $5000; 10 second prizes of $500 and 20 3rd prizes of $80. What is the expected profit to the Lions club for each ticket sold?

Tickets sold for $ 2 each .So total sales = 2*1000 = $ 20000

Prizes = $ 5000 + 10*$500 + 20*$80 = $ 11600