SOLUTION: One thousand raffle tickets are sold for $2.00 each. One grand prize of $400 and two consolation prizes of $100 each will be awarded. Jeremy purchases one ticket. Find his expected

Algebra ->  Percentage-and-ratio-word-problems -> SOLUTION: One thousand raffle tickets are sold for $2.00 each. One grand prize of $400 and two consolation prizes of $100 each will be awarded. Jeremy purchases one ticket. Find his expected      Log On


   

Question 472953: One thousand raffle tickets are sold for $2.00 each. One grand prize of $400 and two consolation prizes of $100 each will be awarded. Jeremy purchases one ticket. Find his expected value
Answer by edjones(8007) About Me  (Show Source):
You can put this solution on YOUR website!
1000*2=-2000
400+100+100=600
-2000+600=-1400
-1400 * 1/1000 = $-1.40
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Ed