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 #771625 by ikleyn(52778) $\"\"$ $\"About$

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document.write( "The expected value for your profit is   - 7 =  - 7 =  - 7 = 3.08 - 7 = -3.92 dollars per game.\r\n" );
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document.write( "In other words, be ready to lose $3.92 in average, if you play many times this game, buying every time 1 ticket from 500.\r\n" );
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