What is the expected value of this question?

Question

One thousand chances are sold at $7 a piece for a raffle. There is a grand prize of $550, two second prizes of $275, and five third prizes of $50. First calculate the expected value of the lottery. Determine whether the lottery is a fair game. If the game is not fair, determine a price for playing the game that would make it fair.

Answer 1

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its 2 dark out theer...dont no if raen or shine

if sell all tikkets, take=7,000$

prises...550$ +2*275 +5*50

=550+550+250

=1,350$

profit=7000-1350=5,650$