document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=1162646>Question 1162646</A>: <I><SPAN STYLE=\"word-break: break-all;\"> for $20 you purchase a ticket that gives you a chance to win a $6000 boat. there are $2000 tickets being sold. what is the expected value of buying a ticket? </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #786497 by </B><A HREF=/tutors/aboutme.mpl?userid=greenestamps><B>greenestamps(13206)</B></A><img src=\"/images/stars/stars-13.gif\" alt=\"\" >&nbsp;<A HREF=/tutors/aboutme.mpl?userid=greenestamps><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=greenestamps><BR>You can <A HREF=\"/cgi-bin/embed-solution.mpl?show=1&solution=786497\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> <br><BR>\n" );
document.write( "Presumably the problem is supposed to say that the number of tickets sold is 2000 -- not that the total cost of the tickets is $2000.<br><BR>\n" );
document.write( "If the total cost of the tickets is $2000, then the problem is nonsensical -- as the other tutor pointed out.<br><BR>\n" );
document.write( "In an expected value problem like this, you can find the expected value of one ticket by comparing the total prizes to the total cost of the tickets.<br><BR>\n" );
document.write( "The total cost of the tickets is 2000($20) = $40,000; the total prize value is $6000.<br><BR>\n" );
document.write( "The total value to the ticket buyers is then $6000-$40,000 = -$34,000; and then the expected value of one ticket is -$34,000 divided by 2000, which is -$17.<br><BR>\n" );
document.write( "ANSWER: The expected value of a ticket is -$17.<br><BR>\n" );
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