document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=381418>Question 381418</A>: <I><SPAN STYLE=\"word-break: break-all;\"> One thousand raffle tickets are sold for $2.00 each. One grand prize of $500 and two consolation prizes of $100 each will be awarded. Jeremy purchases one ticket. Find his 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 #270553 by </B><A HREF=/tutors/aboutme.mpl?userid=robertb><B>robertb(5830)</B></A><img src=\"/images/stars/stars-13.gif\" alt=\"\" >&nbsp;<A HREF=/tutors/aboutme.mpl?userid=robertb><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/cgi-bin/show-face.mpl?user=robertb><BR>You can <A HREF=\"/cgi-bin/embed-solution.mpl?show=1&solution=270553\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> If you're asking for his EXPECTED EARNINGS, then it is computed as follows:\r<BR>\n" );
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document.write( "His chance of winning the grand prize is 1/1000. His earning then would be 500 - 2 = $498.  <BR>\n" );
document.write( "His chance of winning $100 is 2/1000, and his earning then would be 100 - 2 = $98.<BR>\n" );
document.write( "His chance of losing (or not winning any) is 997/1000.  He stands to lose -$2 in that case.  <BR>\n" );
document.write( "His expected earnings is then <IMG STYLE=\"max-width:80%;\" SRC=/cgi-bin/plot-formula.mpl?expression=498%2A%281%2F1000%29+%2B+98%2A%282%2F1000%29+%2B+%28-2%29%2A%28997%2F1000%29+=+-1.3 ALIGN=MIDDLE  ALT=\"498%2A%281%2F1000%29+%2B+98%2A%282%2F1000%29+%2B+%28-2%29%2A%28997%2F1000%29+=+-1.3\"   DISABLED_style= \"max-width:90%; height:auto;\" >.  Thus he stands to lose $1.30 on the average. </SPAN>\n" );
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