document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=700043>Question 700043</A>: <I><SPAN STYLE=\"word-break: break-all;\"> If 10,000 raffle tickets are sold at $5 each, and there prizes are $5,000; $2,500; $1,000; and $1,000.  what is the expected value of the tickets? </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #431632 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=431632\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> If 10,000 raffle tickets are sold at $5 each, and there prizes are $5,000; $2,500; $1,000; and $1,000. what is the expected value of the tickets?<BR>\n" );
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document.write( "Random winning values: 4995;;;;2495;;;;995;;;;995;;;;-5<BR>\n" );
document.write( "Probabilities:::::::::1/10,000 for each winner and (296/10,000)for losing<BR>\n" );
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document.write( "E(x) = (4995+2495+2*995)/10,000 -5(296/10,000) = 0.80 or 80 cents<BR>\n" );
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document.write( "You can expect to lose 80 cents on each ticket you buy.<BR>\n" );
document.write( "Cheers,<BR>\n" );
document.write( "Stan H.<BR>\n" );
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