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.

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Asked Nov 2, 2019
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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.

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Expert Answer

Step 1

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.

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Step 2

The overall expected cost for all ...

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10 12 6 The expected cost- 7 7 7 = 4

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