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Social ScienceThe student council is hosting a drawing to raise money for scholarships. They are selling tickets for $6 each and will sell 700 tickets. There is one $1,000 grand prize, three $400 second prizes, and fifteen $40 third prizes. You just bought a ticket. Find the expected value for your profit. Round to the nearest cent.
The student council is hosting a drawing to raise money for scholarships. They are selling tickets for $6 each and will sell 700 tickets. There is one $1,000 grand prize, three $400 second prizes, and fifteen $40 third prizes. You just bought a ticket. Find the expected value for your profit. Round to the nearest cent.
Expert Answer
The cost of a single ticket is $6. Total tickets are 700.
There are 1 prize with $1,000, 3 prizes with $400, and 15 prizes with $40.
The overall expected cost for all ...
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10 12 6 The expected cost- 7 7 7 = 4
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