SOLUTION: The student council is hosting a drawing to raise money for scholarships. They are selling tickets for $7 each and will sell 900 tickets. There is one $1,000 grand prize, four $300

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Question 1134965: The student council is hosting a drawing to raise money for scholarships. They are selling tickets for $7 each and will sell 900 tickets. There is one $1,000 grand prize, four $300 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 greenestamps(13200) About Me  (Show Source):
You can put this solution on YOUR website!


In dollars, the expected payout from one ticket is

= $2.48 to the nearest cent.

The cost of the ticket is $7.00.

The expected profit is

$2.48-$7.00 = -$4.52