document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=1125529>Question 1125529</A>: <I><SPAN STYLE=\"word-break: break-all;\"> A charitable organization is selling raffle tickets for $4 . The first prize a computer valued at $2780 second prize is a set of cookware valued at $940. The remaining prizes are 30 third prize gift certificates each valued at $35.suppose 3500 tickets were sold and you bought 1 ticket what is the expected value of your gain or loss? Express your answer in dollars and cent's rounded to the nearest penny I.e. 2 decimal places <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 #741878 by </B><A HREF=/tutors/aboutme.mpl?userid=Theo><B>Theo(13342)</B></A><img src=\"/images/stars/stars-13.gif\" alt=\"\" >&nbsp;<A HREF=/tutors/aboutme.mpl?userid=Theo><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=Theo><BR>You can <A HREF=\"/cgi-bin/embed-solution.mpl?show=1&solution=741878\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> 3500 tickets are sold.<BR>\n" );
document.write( "each ticket costs $4.00.<BR>\n" );
document.write( "1 ticket will get you a prize worth 2780.<BR>\n" );
document.write( "1 ticket will get you a prize worth 940.<BR>\n" );
document.write( "30 tickets will get you a gift certificate worth 35 each.\r<BR>\n" );
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document.write( "the probability of having to pay for a ticket is 1.<BR>\n" );
document.write( "the probability of getting the ticket worth 2700 is 1/3500.<BR>\n" );
document.write( "the probability of getting the ticket worth 940 is 1/3500.<BR>\n" );
document.write( "the probability of getting one of the tickets worth 35 is 30/3500.\r<BR>\n" );
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document.write( "your expected value is 1 * -4 + 1/3500 * 2780 + 1/3500 * 940 + 30/3500 * 35.\r<BR>\n" );
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document.write( "that gets you an expected value of -2.637142857.\r<BR>\n" );
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document.write( "you gave them 4 dollars and your expected prize money was 1.362857143.\r<BR>\n" );
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document.write( "your net value was -4 + 1.362857143 = -2.637142857.\r<BR>\n" );
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document.write( "what does this mean?\r<BR>\n" );
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document.write( "assume you bought all 3500 tickets.\r<BR>\n" );
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document.write( "you would have paid 3500 * 4 = 14,000 dollars.<BR>\n" );
document.write( "you would get back 2780 + 940 + 30 * 35 = 4,770 dollars.\r<BR>\n" );
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document.write( "you would have netted 4,770 - 14,000 = -9230 dollars.\r<BR>\n" );
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document.write( "divide that by 3500 tickets and the average net would be -2.637142857 dollars.\r<BR>\n" );
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