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The student council is hosting a drawing to raise money for scholarships. They are selling tickets...

The student council is hosting a drawing to raise money for scholarships. They are selling tickets for $9 each and will sell 700 tickets. There is one $3,000 grand prize, two $500 second prizes, and ten $10 third prizes. You just bought a ticket. Find the expected value for your profit. Round to the nearest cent.

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Answer #1

Number of tickets with no prize = 700 - 1 - 2 - 10 = 687

Hence,

Expected value of your profit

= $(3000 - 9)*1/700 + $(500 - 9)*2/700 + $(10 - 9)*10/700 - $9*687/700

= $ -3.14

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