document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=1195582>Question 1195582</A>: <I><SPAN STYLE=\"word-break: break-all;\"> The PTO is selling raffle tickets to raise money for classroom supplies. A raffle ticket costs $3. There is 1 winning ticket out of the 230 tickets sold. The winner gets a prize worth $64. Round your answers to the nearest cent.\r<BR>\n" );
document.write( "\n" );
document.write( "What is the expected value (to you) of one raffle ticket? $\r<BR>\n" );
document.write( "<BR>\n" );
document.write( "\n" );
document.write( "Calculate the expected value (to you) if you purchase 12 raffle tickets. $\r<BR>\n" );
document.write( "<BR>\n" );
document.write( "\n" );
document.write( "What is the expected value (to the PTO) of one raffle ticket? $\r<BR>\n" );
document.write( "<BR>\n" );
document.write( "\n" );
document.write( "If the PTO sells all 230 raffle tickets, how much money can they expect to raise for the classroom supplies? $<BR>\n" );
document.write( " </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #828411 by </B><A HREF=/tutors/aboutme.mpl?userid=Boreal><B>Boreal(15235)</B></A><img src=\"/images/stars/stars-13.gif\" alt=\"\" >&nbsp;<A HREF=/tutors/aboutme.mpl?userid=Boreal><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=Boreal><BR>You can <A HREF=\"/cgi-bin/embed-solution.mpl?show=1&solution=828411\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> Expected value of gain is $64(1/230)=$64/230=$0.278  or $0.28<BR>\n" );
document.write( "Expected value of loss is -$3(229/230)=-$2.99<BR>\n" );
document.write( "The expected value to you  is -$2.71 or to the PTO +$2.71<BR>\n" );
document.write( "If you purchase 12 raffle tickets, you have a 12/230 chance of winning $64 for an expected value of +$3.39<BR>\n" );
document.write( "The cost to you is $36(218/230)=-$34.12, so the overall expectation is -$30.73<BR>\n" );
document.write( "-<BR>\n" );
document.write( "The PTO will get $690 revenue-$64 cost of prize=$626.\r<BR>\n" );
document.write( "\n" );
document.write( " </SPAN>\n" );
document.write( "</TD></TR></TABLE>\n" );