document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=256420>Question 256420</A>: <I><SPAN STYLE=\"word-break: break-all;\"> 1000 tickets were sold at $2 each for three prizes of $250, $100, $50. Only one prize per selected ticket. Find the expected value? </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #188551 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=188551\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> 1000 tickets were sold at $2 each for three prizes of $250, $100, $50. Only one prize per selected ticket. Find the expected value?<BR>\n" );
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document.write( "Random number values: -2, 248, 98, 48<BR>\n" );
document.write( "Corresponding probabilities: 997/1000, 1/1000, 1/1000, 1/1000<BR>\n" );
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document.write( "Expected value:<BR>\n" );
document.write( "E(x) = (-2*997 + 248*1 + 98*1 + 48*1)/1000<BR>\n" );
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document.write( "E(x) = -1600/1000 = -$1.60<BR>\n" );
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document.write( "Cheers,<BR>\n" );
document.write( "Stan H.  </SPAN>\n" );
document.write( "</TD></TR></TABLE>\n" );