document.write( "Question 462510: A raffle has $5 tickets and is selling 2000 of these tickets. The prizes are 1st place: $1000 in cash, 2nd place: 5 - $300 cash , and 3rd place 10 - $100 cash. Tickets will be drawn randomly once all the tickets are sold. If you buy 1 ticket, what is your expected value? Enter just the number as a dollar amount, rounded to the nearest cent (if necessary). No $ sign please. \n" ); document.write( "

Algebra.Com's Answer #317072 by Edwin McCravy(20060) $\"\"$ $\"About$

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A raffle has $5 tickets and is selling 2000 of these tickets. The prizes are 1st place: $1000 in cash, 2nd place: 5 - $300 cash , and 3rd place 10 - $100 cash. Tickets will be drawn randomly once all the tickets are sold. If you buy 1 ticket, what is your expected value? Enter just the number as a dollar amount, rounded to the nearest cent (if necessary). No $ sign please.
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document.write( "There are 16 winning tickets and therefore \r\n" );
document.write( "2000-16 or 1984 losing tickets.  You must subtract\r\n" );
document.write( "the price of the ticket from the winnings:\r\n" );
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document.write( "Prizes  Probability      \r\n" );
document.write( "  x        P(x)          x*P(x)\r\n" );
document.write( " 995      1/2000       995/2000\r\n" );
document.write( " 295      5/2000      1475/2000 \r\n" );
document.write( "  95     10/2000       950/2000\r\n" );
document.write( "  -5   1984/2000     -9920/2000 \r\n" );
document.write( "-------------------------------------\r\n" );
document.write( "Totals      1        -6500/2000 = -$3.25\r\n" );
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document.write( "If this identical raffle were held many times and you entered\r\n" );
document.write( "every time, you would expect to average losing $3.25 per time\r\n" );
document.write( "you entered in the long run.\r\n" );
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document.write( "Edwin

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