document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=1171103>Question 1171103</A>: <I><SPAN STYLE=\"word-break: break-all;\"> The student government is selling raffle tickets to raise money for a school activity. A raffle ticket costs $1. There is 1 winning ticket out of the 2000 tickets sold. The winner gets a prize worth $75. Round your answers to the nearest cent.\r<BR>\n" );
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document.write( "What is the probability you win if you purchase one raffle ticket?  \r<BR>\n" );
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document.write( "What is the expected value (to you) of one raffle ticket? $\r<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 #796001 by </B><A HREF=/tutors/aboutme.mpl?userid=htmentor><B>htmentor(1343)</B></A><img src=\"/images/stars/stars-12.gif\" alt=\"\" >&nbsp;<A HREF=/tutors/aboutme.mpl?userid=htmentor><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=htmentor><BR>You can <A HREF=\"/cgi-bin/embed-solution.mpl?show=1&solution=796001\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> Since there is 1 winning ticket out of the 2000 tickets sold, the probability<BR>\n" );
document.write( "of winning is 1/2000<BR>\n" );
document.write( "The expected value, EV, is given by the probability of winning times the<BR>\n" );
document.write( "payout minus the cost of the ticket times the probability of not<BR>\n" );
document.write( "winning.<BR>\n" );
document.write( "EV = (1/2000)$75 - (1999/2000)$1 = -$0.962 </SPAN>\n" );
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