SOLUTION: The student council is hosting a drawing to raise money for scholarships. They are selling tickets for $8 each and will sell 500 tickets. theire is one $3,000 grand prize, three $5

Question 1167070: The student council is hosting a drawing to raise money for scholarships. They are selling tickets for $8 each and will sell 500 tickets. theire is one $3,000 grand prize, three $500 second prizes, and elecen $30 third prizes. You just bought a ticket. Find the expected value for your profit.Round to the nearest cent.
Answer by greenestamps(13200) (Show Source): You can put this solution on YOUR website!

The prize money is more than the total cost of the tickets... so they aren't going to raise any money.

That suggests the given information is faulty, so there is no sense in trying to solve the problem as stated.

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