SOLUTION: The student council is hosting a drawing to raise money for scholarships. They are selling tickets for $8 each and will sell 900 tickets. There is one $3,000 grand prize, three $30
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Question 1168407: The student council is hosting a drawing to raise money for scholarships. They are selling tickets for $8 each and will sell 900 tickets. There is one $3,000 grand prize, three $300 second prizes, and fourteen $40 third prizes. You just bought a ticket. Find the expected value for your profit. Round to the nearest cent. Answer by ikleyn(52776) (Show Source):
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The student council is hosting a drawing to raise money for scholarships.
They are selling tickets for $8 each and will sell 900 tickets.
There is one $3,000 grand prize, three $300 second prizes, and fourteen $40 third prizes.
You just bought a ticket. Find the expected value for your profit. Round to the nearest cent.
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The expected value of the profit is
E = = -3.04 dollars. ANSWER
Solved.
The formula is self-explanatory: its meaning is OBVIOUS.