document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=1171104>Question 1171104</A>: <I><SPAN STYLE=\"word-break: break-all;\"> The student government is selling raffle tickets to raise money for a school activity. A raffle ticket costs $1. There is 1 winning ticket out of the 2000 tickets sold. The winner gets a prize worth $75. Round your answers to the nearest cent.\r<BR>\n" );
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document.write( "What is the probability you win if you purchase one raffle ticket(P Win)?  \r<BR>\n" );
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document.write( "What is the expected value (to you) of one raffle ticket? $ </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #850991 by </B><A HREF=/tutors/aboutme.mpl?userid=CPhill><B>CPhill(1959)</B></A><img src=\"/images/stars/stars-12.gif\" alt=\"\" >&nbsp;<A HREF=/tutors/aboutme.mpl?userid=CPhill><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=CPhill><BR>You can <A HREF=\"/cgi-bin/embed-solution.mpl?show=1&solution=850991\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> Let's break down this raffle problem step-by-step.\r<BR>\n" );
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document.write( "**1. Probability of Winning (P Win)**\r<BR>\n" );
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document.write( "* Total number of tickets sold = 2000<BR>\n" );
document.write( "* Number of winning tickets = 1<BR>\n" );
document.write( "* Probability of winning (P Win) = (Number of winning tickets) / (Total number of tickets)<BR>\n" );
document.write( "* P Win = 1 / 2000 = 0.0005\r<BR>\n" );
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document.write( "**2. Expected Value**\r<BR>\n" );
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document.write( "The expected value is calculated as follows:\r<BR>\n" );
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document.write( "Expected Value = (Probability of Winning * Value of Prize) + (Probability of Losing * Cost of Ticket)\r<BR>\n" );
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document.write( "* Probability of Winning = 1 / 2000 = 0.0005<BR>\n" );
document.write( "* Value of Prize = $75<BR>\n" );
document.write( "* Probability of Losing = 1 - (1 / 2000) = 1999 / 2000 = 0.9995<BR>\n" );
document.write( "* Cost of Ticket = $1\r<BR>\n" );
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document.write( "Expected Value = (0.0005 * $75) + (0.9995 * -$1)<BR>\n" );
document.write( "Expected Value = $0.0375 - $0.9995<BR>\n" );
document.write( "Expected Value = -$0.962\r<BR>\n" );
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document.write( "**Rounding to the Nearest Cent**\r<BR>\n" );
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document.write( "* Probability of winning: 0.0005 (no rounding needed)<BR>\n" );
document.write( "* Expected Value: -$0.96\r<BR>\n" );
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document.write( "**Answers**\r<BR>\n" );
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document.write( "* Probability you win if you purchase one raffle ticket (P Win): 0.0005<BR>\n" );
document.write( "* Expected value (to you) of one raffle ticket: -$0.96<BR>\n" );
document.write( " </SPAN>\n" );
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