The student council is hosting a drawing to raise money for scholarships. They are selling tickets for $5 each and will sell 900 tickets. There is one $2,000 grand prize, three $400 second prizes, and fourteen $30 third prizes. You just bought a ticket. Find the expected value for your profit. Round to the nearest cent

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Asked Nov 23, 2019
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The student council is hosting a drawing to raise money for scholarships. They are selling tickets for $5 each and will sell 900 tickets. There is one $2,000 grand prize, three $400 second prizes, and fourteen $30 third prizes. You just bought a ticket. Find the expected value for your profit. Round to the nearest cent

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Expert Answer

Step 1

According to the provided information, the number of tickets they will sell is 900...

1
1 grand prize of $2000 |
(2000)
900
3
(400)
900
3 second prize of $4 00 each
14
(30)
900
14 third prize of $30 each
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1 1 grand prize of $2000 | (2000) 900 3 (400) 900 3 second prize of $4 00 each 14 (30) 900 14 third prize of $30 each

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