document.write( "Question 1186185: To enter Ralph's Raffle, you buy a raffle ticket for four dollars. Ralph sells 1000 of these tickets altogether, and then randomly selectes one grand prize winner, who collects $800, and five lesser prize winners, each of whom gets $100.\r
\n" ); document.write( "\n" ); document.write( "Find your expected payoff if you enter Ralph's Raffle by buying a single ticket. Round your answer to the nearest cent. \n" ); document.write( "
Algebra.Com's Answer #817096 by Theo(13342)\"\" \"About 
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the cost of a ticket is 4 dollars.\r
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\n" ); document.write( "\n" ); document.write( "1 prize = 800 dollars.
\n" ); document.write( "5 lesser prizes = 100 dollars each.\r
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\n" ); document.write( "\n" ); document.write( "1000 tickets were sold.\r
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\n" ); document.write( "\n" ); document.write( "expected value would be -4 + 1/1000 * 800 + 5/1000 * 100 = -2.7\r
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\n" ); document.write( "\n" ); document.write( "to see how this works, suppose you bought all 1000 tickets.\r
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\n" ); document.write( "\n" ); document.write( "your total cost would be 1000 * 4 = 4000.
\n" ); document.write( "1 of them would give you 800.
\n" ); document.write( "5 of them would give you 100 each.\r
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\n" ); document.write( "\n" ); document.write( "your expected value for all 1000 tickets would be -4000 + 1300 = -2700.
\n" ); document.write( "divide that by 1000 and it comes out to be -2.7 per ticket.\r
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