Assignment:
A raffle offers first prize of $1,000, 5 second prizes of $300 each, and 25 third prizes of $10 each. If 10,000 tickets are sold for $2 each, find the expected winnings for a person buying a ticket. Is this a fair game? ( Hint: In a fair game the expected value is 0).
Provide complete and step by step solution for the question and show calculations and use formulas.