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In: Statistics and Probability

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 800 tickets. There is one $3,000 grand prize, three $400 second prizes, and twelve $20 third prizes. You just bought a ticket. Find the expected value for your profit. Round to the nearest cent.

$

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Expert Solution

If he buy a ticket then it is expected that he will not have a profit and will have a loss of $ 3.45

orchestra answered 2 years ago
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