SOLUTION: HELP! these probability questions are driving me nuts. please show me the solution to this one. 1000 raffle tickets are sold at $3 each. One grand prize of $100 and two consola

Question 211235: HELP! these probability questions are driving me nuts. please show me the solution to this one.
1000 raffle tickets are sold at $3 each. One grand prize of $100 and two consolation prozes of $75 will be awarded. Find Jake's expectationif he purchases one ticket.
A) -$2.75 B) -$3.00 C) $0.24 D)$2.75 E) $3.00
Answer by stanbon(75887) (Show Source): You can put this solution on YOUR website!
1000 raffle tickets are sold at $3 each. One grand prize of $100 and two consolation prozes of $75 will be awarded. Find Jake's expectation if he purchases one ticket.
----
Let the random variable be "Jake's winnings".
The random number values are 97, 72, 72, -3
---
The corresponding probabilites are 1/1000, 1/1000, 1/1000, 997/1000
--------------------------
E(X) = 97(0.001) + 72(0.001) + 72(0.001) - 3(997/1000) =
= [97 + 2*72 - 2991]/1000 = -2750/1000 = -$2.75
----
He can expect to lose $2.75 cents on every ticket he buys.
===========================================================
Cheers,
Stan H.
A) -$2.75 B) -$3.00 C) $0.24 D)$2.75 E) $3.00

RELATED QUESTIONS
my mom is trying to help me with this problem, but we are not good at it. Can you... (answered by stanbon)

Please please help me on this question! I have no clue how to do it. Raffle tickets... (answered by Fombitz)

I am not sure I got this correct here is the word problem: One thousand raffle tickets... (answered by stanbon)

Please Help me find the step by step solution to this question A box of chocolates... (answered by checkley77)

There are 1000 tickets sold in a raffle. If you have 4 of these tickets and 10 prizes are (answered by sudhanshu_kmr)

Please be kind enough to answer my problems Thank you so much Ten thousand raffle... (answered by amoresroy)

Please help. I cannot figure this out and the examples in my text book does not help at... (answered by stanbon)

Hello is anyone here to help me I really can use some help please thank you 1000... (answered by edjones)

Help me please to resolve these application and extensions 1) You pay $1 to toss 2... (answered by edjones,jrfrunner)