document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=1199875>Question 1199875</A>: <I><SPAN STYLE=\"word-break: break-all;\"> The student council is hosting a drawing to raise money for scholarships. They are selling tickets for $6 each and will sell 900 tickets. There is one $3,000 grand prize, three $200 second prizes, and thirteen $40 third prizes. You just bought a ticket. Find the expected value for your profit. Round to the nearest cent.\r<BR>\n" );
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document.write( "$_________<BR>\n" );
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document.write( "900 tickets are sold at $6 each; the total income for the student council is $5400.<br><BR>\n" );
document.write( "The total value of the prizes is $3000 + 3($200) + 13($40) = $4120.<br><BR>\n" );
document.write( "The average income per ticket is ($5400-$4120)/900 = $1.42 rounded to the nearest cent.<br><BR>\n" );
document.write( "The average income per ticket for the council is the average loss (expected value) per ticket for the ticket buyers.<br><BR>\n" );
document.write( "ANSWER: The expected value is a loss of $1.42<br><BR>\n" );
document.write( "Using the formal definition of expected value....<br><BR>\n" );
document.write( "<IMG STYLE=\"max-width:80%;\" SRC=/cgi-bin/plot-formula.mpl?expression=%28%281%2F900%29%283000-6%29%2B%283%2F900%29%28200-6%29%2B%2813%2F900%29%2840-6%29%29 ALIGN=MIDDLE  ALT=\"%28%281%2F900%29%283000-6%29%2B%283%2F900%29%28200-6%29%2B%2813%2F900%29%2840-6%29%29\"   DISABLED_style= \"max-width:90%; height:auto;\" > = -1.42 to 2 decimal places.<br><BR>\n" );
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