Question

Asked Oct 25, 2019

The student council is hosting a drawing to raise money for scholarships. They are selling tickets for $5 each and will sell 600 tickets. There is one $3,000 grand prize, four $400 second prizes, and eighteen $30 third prizes. You just bought a ticket. Find the expected value for your profit. Round to the nearest cent.

Step 1

It is given that the number of tickets is 600 and the numbers of prizes are 1 grand, 4 second, and 18 third, respectively.

First prize’s value is 3000$, second prize’s value is 400$, and third prize’s value is 30$

Consider that *X*_{1},* X*_{2}, and *X*_{3} are the random variables defined as the grand prize, second prize, and third prize respectively.

Probability of selecting grand prize is:

Step 2

Similarly,

Probability of select...

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