document.write( "Question 445456: One thousand raffle tickets are sold for $5.00 each. One grand prize of $1000 and two consolation prizes of $200 each will be awarded. Jeremy purchases one ticket. Find his expected value. Show your work for full credit. \n" ); document.write( "

Algebra.Com's Answer #306833 by ewatrrr(24785) $\"\"$ $\"About$

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document.write( "Hi
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document.write( "Note: in red: prize amount - the $5 cost of the ticket
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document.write( "One thousand raffle tickets are sold for $5.00 each. 
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document.write( "One grand prize of $1000 and two consolation prizes of $200 each will be awarded.
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document.write( " total prize money awarded  = $1000, $200, 200 
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document.write( "E(X)=∑X*P(X) = 
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document.write( "             = .995 + .195 + .195 - 4.985 = -$3.60
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