document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=1052705>Question 1052705</A>: <I><SPAN STYLE=\"word-break: break-all;\"> Tickets for a raffle cost$14. There were 834 tickets sold. One ticket will be randomly selected as the winner, and that person wins $1200 and also the person is given back the cost of the ticket. For someone who buys a ticket, what is the Expected Value (the mean of the distribution)?\r<BR>\n" );
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document.write( "If the Expected Value is negative, be sure to include the \"-\" sign with the answer. Express the answer rounded to two decimal places </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #668036 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=668036\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\">  Tickets for a raffle cost $14. There were 834 tickets sold. One ticket will be randomly selected as the winner, and that person wins $1200 and also the person is given back the cost of the ticket. For someone who buys a ticket, what is the Expected Value (the mean of the distribution)? <BR>\n" );
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document.write( "Random \"winning\" value::.....1214....... -14<BR>\n" );
document.write( "Probabilities:::::............1/834....  833/834<BR>\n" );
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document.write( "Expected Value = (1*1214 -14*833)/834 = -$12.53<BR>\n" );
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document.write( "Cheers,<BR>\n" );
document.write( "Stan H.<BR>\n" );
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