document.write( "Question 1150251: The student council is hosting a drawing to raise money for scholarships. They are selling tickets for $7 each and will sell 500 tickets. There is one $1,000 grand prize, two $200 second prizes, and fourteen $10 third prizes. You just bought a ticket. Find the expected value for your profit. Round to the nearest cent. \n" ); document.write( "
Algebra.Com's Answer #771623 by VFBundy(438)\"\" \"About 
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Odds of winning grand prize = 1/500
\n" ); document.write( "Odds of winning second prize = 2/500
\n" ); document.write( "Odds of winning third prize = 14/500
\n" ); document.write( "Odds of not winning any prize = 483/500
\n" ); document.write( "
\n" ); document.write( "You must also remember that it costs $7 for the ticket, so if you win the $1000 grand prize (for example), you're really only winning $993. Same goes for any of the prizes.
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\n" ); document.write( "1/500 * 993 = 993/500
\n" ); document.write( "2/500 * 193 = 386/500
\n" ); document.write( "14/500 * 3 = 42/500
\n" ); document.write( "483/500 * -7 = -3381/500
\n" ); document.write( "
\n" ); document.write( "993/500 + 386/500 + 42/500 - 3381/500
\n" ); document.write( "= -1960/500
\n" ); document.write( "= -98/25
\n" ); document.write( "= -$3.92 \n" ); document.write( "
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