document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=1208186>Question 1208186</A>: <I><SPAN STYLE=\"word-break: break-all;\"> Tickets for a raffle cost $18. There were 757 tickets sold. One ticket will be randomly selected as the winner, and that person wins $1900 and also the person is given back the cost of the ticket. For someone who buys a ticket, what is the Expected Value (the mean of the distribution)?\r<BR>\n" );
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document.write( "If the Expected Value is negative, be sure to include the \"-\" sign with the answer. Express the answer rounded to two decimal places.\r<BR>\n" );
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document.write( "Expected Value = $<BR>\n" );
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document.write( "757 tickets were sold for $18 each; for the people running the lottery, the total income was 757($18) = $13626.<br><BR>\n" );
document.write( "1 winning ticket was drawn, with a prize of $1900, and the $18 cost of the ticket was returned to the winner.  For the people running the lottery, the total expenditures was $1900+$18 = $1918.<br><BR>\n" );
document.write( "For the people running the lottery, the net gain was $13626-$1918 = $11708.<br><BR>\n" );
document.write( "For the people running the lottery, the average gain per ticket sold was $11708/757 = $15.4663....<br><BR>\n" );
document.write( "For the people buying the tickets, the average \"gain\" was -$15.4663....<br><BR>\n" );
document.write( "ANSWER: -$15.4663....<br><BR>\n" );
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