document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=187207>Question 187207</A>This question is from textbook <A HREF=http://www.amazon.com/exec/obidos/ASIN/032150108X/algebrahomeworkh>Survey of Mathematics w/ Applications expanded edition</A><BR>\n" );
document.write( ": <I><SPAN STYLE=\"word-break: break-all;\"> 500 raffle tickets are sold at $2 each. One grand prize of $100 and two consolation prizes of $50 will be awarded. Find Jake’s expectation (expected value) if he purchases one ticket.  </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #140334 by </B><A HREF=/tutors/aboutme.mpl?userid=stanbon><B>stanbon(75887)</B></A><img src=\"/images/stars/stars-13.gif\" alt=\"\" >&nbsp;<A HREF=/tutors/aboutme.mpl?userid=stanbon><IMG SRC=http://www.algebra.com/images/aboutme-small.gif BORDER=0 alt=\"About Me\" VALIGN=MIDDLE></A>&nbsp;<IMG SRC=http://www.algebra.com/images/nopicture.jpg><BR>You can <A HREF=\"/cgi-bin/embed-solution.mpl?show=1&solution=140334\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> 500 raffle tickets are sold at $2 each. One grand prize of $100 and two consolation prizes of $50 will be awarded. Find Jake’s expectation (expected value) if he purchases one ticket. <BR>\n" );
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document.write( "Random Number Values:........  -2......., 100...., 50....., 50<BR>\n" );
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document.write( "Corresponding Probabilities.. (497/500), (1/500), (1/500), (1/500)<BR>\n" );
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document.write( "Expected winnings = (497/500)(-2) + (1/500)(100 + 50 + 50)<BR>\n" );
document.write( "= -0.795 dollars = lose 80 cents<BR>\n" );
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document.write( "Cheers,<BR>\n" );
document.write( "Stan H. </SPAN>\n" );
document.write( "</TD></TR></TABLE>\n" );