The student council is hosting a drawing to raise money for scholarships. They are selling tickets for $8 each and will sell 700 tickets. The raffle has: one $2,000 grand prize, two $500 second prizes, and fourteen $40 third prizes. You just bought one 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 $8 each and will sell 700 tickets. The raffle has: one $2,000 grand prize, two $500 second prizes, and fourteen $40 third prizes. You just bought one ticket. Find the expected value for your profit. Round to the nearest cent.

College Algebra (MindTap Course List)

12th Edition

ISBN:9781305652231

Author:R. David Gustafson, Jeff Hughes

Publisher:R. David Gustafson, Jeff Hughes

Chapter8: Sequences, Series, And Probability

Section8.CR: Chapter Review

Problem 80E

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