The student council is hosting a drawing to raise money for scholarships. They are selling tickets for $7 each and will sell 700 tickets. There is one $2,000 grand prize, four $400 second prizes, and fourteen $40 third prizes. You just bought a ticket. Find the expected value for your profit. Round to the nearest cent.
The student council is hosting a drawing to raise money for scholarships. They are selling tickets for $7 each and will sell 700 tickets. There is one $2,000 grand prize, four $400 second prizes, and fourteen $40 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
Section: Chapter Questions
Problem 1P
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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 700 tickets. There is one $2,000 grand prize, four $400 second prizes, and fourteen $40 third prizes. You just bought a ticket. Find the expected value for your profit. Round to the nearest cent.
$ [Input Box]](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fa4cbdcd8-71de-429b-b001-27d54b327ca5%2Fa54bd0a0-428d-480f-99e7-30c463d7cdf1%2Fb96oz87_processed.png&w=3840&q=75)
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 700 tickets. There is one $2,000 grand prize, four $400 second prizes, and fourteen $40 third prizes. You just bought a ticket. Find the expected value for your profit. Round to the nearest cent.
$ [Input Box]
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