document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=195227>Question 195227</A>: <I><SPAN STYLE=\"word-break: break-all;\"> I need help in order to understand this problem. If anyone can help I would be very grateful. Thank you very much for your assistance.\r<BR>\n" );
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document.write( "1000 raffle tickets are sold at $3 each. One grand prize of $100 and two consolation prizes of $75 will be awarded. Find Jake’s expectation if he purchases one ticket. \r<BR>\n" );
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document.write( "A) -$2.75	B) -$3.00	C) $0.24 	D) $2.75	E) $3.00\r<BR>\n" );
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document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #146415 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=146415\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> 1000 raffle tickets are sold at $3 each. One grand prize of $100 and two consolation prizes of $75 will be awarded. Find Jake’s expectation if he purchases one ticket. <BR>\n" );
document.write( "A) -$2.75 B) -$3.00 C) $0.24 D) $2.75 E) $3.00 <BR>\n" );
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document.write( "Let the random variable represent Jake's earnings.<BR>\n" );
document.write( "Values of the random variable are 97, 72, -3<BR>\n" );
document.write( "Corresponding probabilities are (1/1000), (2/1000), (997/1000)<BR>\n" );
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document.write( "Jake's expected earnings are 97(1/100)+72(2/1000) - 3(997/1000<BR>\n" );
document.write( "= (97 + 144 - 2991)/1000 = -2750/1000 = -$2.75<BR>\n" );
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document.write( "Cheers,<BR>\n" );
document.write( "Stan H.<BR>\n" );
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