Solve the Problem. -Ten Thousand Raffle Tickets Are Sold. One First Prize of First

question 250

Multiple Choice

Solve the problem.
-Ten thousand raffle tickets are sold. One first prize of $1600, 5 second prizes of $1000 each, and 10 third prizes of $200 each are to be awarded, with all winners selected randomly. If you are given
One ticket, what are your expected winnings?

• A)126 cents
• B)86 cents
• C)28 cents
• D)150 cents

---

Definitions:

Miscellaneous Itemized Deductions

Various deductions that could be taken when calculating an individual's taxable income, subject to specific rules and limitations.

Gambling Losses

Financial losses resulting from wagering, which can be deducted up to the amount of gambling winnings on a taxpayer’s return.

Adjusted Gross Income

Gross income minus adjustments to income. This figure is used to determine how much of your income is taxable.

Political Action Committee

A Political Action Committee (PAC) is an organization that collects political donations from members and donates those funds to campaign for or against candidates, legislation, or initiatives.