The student council is hosting a drawing to raise money for scholarships. They are selling tickets for $5 each and will sell 700 tickets. There is one $1,000 grand prize, three $500 second prizes, and twelve $10 third prizes. You just bought a ticket. Find the expected value for your profit. Round to the nearest cent.

MATLAB: An Introduction with Applications
6th Edition
ISBN:9781119256830
Author:Amos Gilat
Publisher:Amos Gilat
Chapter1: Starting With Matlab
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The student council is hosting a drawing to raise money for scholarships. They are selling tickets for $5 each and will sell 700 tickets. There is one $1,000 grand prize, three $500 second prizes, and twelve $10 third prizes. You just bought a ticket. Find the expected value for your profit. Round to the nearest cent.

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