Question 1168407
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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 = {{{3000*(1/900) + 300*(3/900) + 40*(14/900) - 8}}} = -3.04  dollars.    <U>ANSWER</U>
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Solved.


The formula is self-explanatory: its meaning is OBVIOUS.