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StatisticsQ&A LibraryThe student council is hosting a drawing to raise money for scholarships. They are selling tickets for $9 each and will sell 600 tickets. There is one $3,000 grand prize, four $500 second prizes, and thirteen $40 third prizes. You just bought a ticket. Find the expected value for your profit. Round to the nearest centStart your trial now! First week only $4.99!*arrow_forward*

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The student council is hosting a drawing to raise money for scholarships. They are selling tickets for $9 each and will sell 600 tickets.

There is one $3,000 grand prize, four $500 second prizes, and thirteen $40 third prizes. You just bought a ticket. Find the expected value for your profit. Round to the nearest cent.

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