The student council is hosting a drawing to raise money for scholarships. They are selling tickets for $7 each and will sell 500 tickets. There is one $2,000 grand prize, two $400 second prizes, and fourteen $10 third prizes. You just bought a ticket. Find the expected value for your profit. Round to the nearest cent. S

Holt Mcdougal Larson Pre-algebra: Student Edition 2012
1st Edition
ISBN:9780547587776
Author:HOLT MCDOUGAL
Publisher:HOLT MCDOUGAL
Chapter9: Real Numbers And Right Triangles
Section: Chapter Questions
Problem 33CR
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The student council is hosting a drawing to raise money
for scholarships. They are selling tickets for $7 each
and will sell 500 tickets. There is one $2,000 grand
prize, two $400 second prizes, and fourteen $10 third
prizes. You just bought a ticket. Find the expected
value for your profit. Round to the nearest cent.
$
Transcribed Image Text:The student council is hosting a drawing to raise money for scholarships. They are selling tickets for $7 each and will sell 500 tickets. There is one $2,000 grand prize, two $400 second prizes, and fourteen $10 third prizes. You just bought a ticket. Find the expected value for your profit. Round to the nearest cent. $
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