document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=387671>Question 387671</A>: <I><SPAN STYLE=\"word-break: break-all;\"> One thousand raffle tickets are sold for $2.00 each. One grand prize of $600 and two consolation prizes of $100 each will be awarded. Jeremy purchases one ticket. Find his expected value. <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 #274048 by </B><A HREF=/tutors/aboutme.mpl?userid=rapaljer><B>rapaljer(4671)</B></A><img src=\"/images/stars/stars-13.gif\" alt=\"\" >&nbsp;<A HREF=/tutors/aboutme.mpl?userid=rapaljer><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=rapaljer><BR>You can <A HREF=\"/cgi-bin/embed-solution.mpl?show=1&solution=274048\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> The total value of the prizes to be won = $600 + 2*100= $800.\r<BR>\n" );
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document.write( "Since 1000 tickets were sold, the probability of winning on each ticket is 1/1000.\r<BR>\n" );
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document.write( "Therefore Expected Value  = Probability * Prize = <IMG STYLE=\"max-width:80%;\" SRC=/cgi-bin/plot-formula.mpl?expression=%281%2F1000%29+%2A+800+ ALIGN=MIDDLE  ALT=\"%281%2F1000%29+%2A+800+\"   DISABLED_style= \"max-width:90%; height:auto;\" > = <IMG STYLE=\"max-width:80%;\" SRC=/cgi-bin/plot-formula.mpl?expression=800%2F1000+=+.8 ALIGN=MIDDLE  ALT=\"800%2F1000+=+.8\"   DISABLED_style= \"max-width:90%; height:auto;\" > or $0.80.  \r<BR>\n" );
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document.write( "Somebody is making a LOT of money on this raffle!!  I hope it's a good charity!!\r<BR>\n" );
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document.write( "Dr. Rapalje </SPAN>\n" );
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