SOLUTION: The student council is hosting a drawing to raise money for scholarships. They are selling tickets for $7 each and will sell 800 tickets. There is one $3,000 grand prize, two $500

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Question 1134683: The student council is hosting a drawing to raise money for scholarships. They are selling tickets for $7 each and will sell 800 tickets. There is one $3,000 grand prize, two $500 second prizes, and thirteen $10 third prizes. You just bought a ticket. Find the expected value for your profit. Round to the nearest cent.
Answer by Shin123(626) About Me  (Show Source):
You can put this solution on YOUR website!
When you calculate the expected value, you have to subtract the cost ($7).