The student council is hosting a drawing to raise money for scholarships. They are selling tickets for $8 each and will sell 800 tickets in all. The raffle has: one $2, 000 grand prize and three $300 second prizes. You bought one ticket. Find the expected value for your profit. Give you answer in dollars, rounded to the nearest cent. %24

A First Course in Probability (10th Edition)
10th Edition
ISBN:9780134753119
Author:Sheldon Ross
Publisher:Sheldon Ross
Chapter1: Combinatorial Analysis
Section: Chapter Questions
Problem 1.1P: a. How many different 7-place license plates are possible if the first 2 places are for letters and...
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The student council is hosting a drawing to raise money for scholarships.
They are selling tickets for $8 each and will sell 800 tickets in all.
The raffle has:
one $2, 000 grand prize and
three $300 second prizes.
You bought one ticket. Find the expected value for your profit.
Give you answer in dollars, rounded to the nearest cent.
Explain your answer below. You can type the calculation you did here or upload a file showing your work.
Transcribed Image Text:The student council is hosting a drawing to raise money for scholarships. They are selling tickets for $8 each and will sell 800 tickets in all. The raffle has: one $2, 000 grand prize and three $300 second prizes. You bought one ticket. Find the expected value for your profit. Give you answer in dollars, rounded to the nearest cent. Explain your answer below. You can type the calculation you did here or upload a file showing your work.
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