Tickets for a raffle cost $$16. There were 790 tickets sold. One ticket will be randomly selected as the winner, and that person wins $$1500 and also the person is given back the cost of the ticket. For someone who buys a ticket, what is the Expected Value (the mean of the distribution)?

Algebra & Trigonometry with Analytic Geometry
13th Edition
ISBN:9781133382119
Author:Swokowski
Publisher:Swokowski
Chapter10: Sequences, Series, And Probability
Section: Chapter Questions
Problem 35T
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Tickets for a raffle cost $$16. There were 790 tickets sold. One ticket will be randomly selected as the winner, and that person wins $$1500 and also the person is given back the cost of the ticket. For someone who buys a ticket, what is the Expected Value (the mean of the distribution)?

(If the Expected Value is negative, be sure to include the "-" sign with the answer. Express the answer rounded to two decimal places.)

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