document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=1172444>Question 1172444</A>: <I><SPAN STYLE=\"word-break: break-all;\"> A lottery offers two 500$ prizes, five 300$ prizes, and ten 100$ prizes. One thousand tickets are sold at 2$ each. Find the expected value if a person buys one ticket.  </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #797482 by </B><A HREF=/tutors/aboutme.mpl?userid=greenestamps><B>greenestamps(13200)</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=797482\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> <br><BR>\n" );
document.write( "Tutor @ikleyn has provided a response showing how to find the expected value using the formal definition of expected value.<br><BR>\n" );
document.write( "You of course should know the formal definition, and how to calculate the expected value using that definition.<br><BR>\n" );
document.write( "But for many simple expected value problems like this, the answer can be found in a less formal manner.<br><BR>\n" );
document.write( "In this problem, the total cost of the 1000 tickets is $2000, and the total prize payout is $3500.  So the payout is $1500 more than the cost of the tickets.<br><BR>\n" );
document.write( "The expected value for one ticket is that $1500, divided by the number of tickets:<br><BR>\n" );
document.write( "$1500/1000 = $1.50<br><BR>\n" );
document.write( "ANSWER: The expected value of one ticket is $1.50.<br><BR>\n" );
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