document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=1197597>Question 1197597</A>: <I><SPAN STYLE=\"word-break: break-all;\"> A charity holds a raffle in which each ticket is sold for $30. A total of 9600 tickets are sold. They raffle one grand prize which is a Mercedes Benz E350 valued at $60000 along with 5 second prizes of Ducati motorcycles valued at $15000 each.\r<BR>\n" );
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document.write( "What are the expected winnings, in dollars, for a single ticket buyer? Your answer should be accurate to two decimal places (i.e. to the nearest cent). \r<BR>\n" );
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document.write( "Answer: $ </SPAN>\n" );
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document.write( "total cost of tickets: 9600($30) = $288,000<br><BR>\n" );
document.write( "total value of prizes: $60,000 + 5($15,000) = $135,000<br><BR>\n" );
document.write( "average winnings per dollar: 135/288 = $0.46875<br><BR>\n" );
document.write( "average winnings in dollars per $30 ticket: 30($0.46875)=$14.0625<br><BR>\n" );
document.write( "ANSWER: expected winnings per ticket to the nearest cent: $14.06<br><BR>\n" );
document.write( "(Average gain/loss per ticket: $14.06 - $30 = -$15.94)<br><BR>\n" );
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