document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=260115>Question 260115</A>: <I><SPAN STYLE=\"word-break: break-all;\">  Suppose you buy 1 ticket for $1 out of a lottery of 3000 tickets. If the prize for the one winning ticket is to be $500, what are your expected winnings?  </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #191556 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=191556\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> Suppose you buy 1 ticket for $1 out of a lottery of 3000 tickets. If the prize for the one winning ticket is to be $500, what are your expected winnings? <BR>\n" );
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document.write( "Let the random variable be \"your winnings\".<BR>\n" );
document.write( "Values are -1 and 499<BR>\n" );
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document.write( "Probabilites are 2999/3000 and 1/3000<BR>\n" );
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document.write( "E(x) = -1(2999/3000) + 499(1/3000)<BR>\n" );
document.write( "= (-2999 + 499)/3000<BR>\n" );
document.write( "= (-2500)/3000<BR>\n" );
document.write( "= -$0.83<BR>\n" );
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document.write( "You can expect to lose 83 cents on your ticket.<BR>\n" );
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document.write( "Cheers,<BR>\n" );
document.write( "Stan  </SPAN>\n" );
document.write( "</TD></TR></TABLE>\n" );