The student council is hosting a drawing to raise money for scholarships. They are selling tickets for $5 each and will sell 900 tickets. There is one $2,000 grand prize, four $500 second prizes, and thirteen $20 third prizes. You just bought a ticket. Find the expected value for your profit. Round to the nearest cent.
Unitary Method
The word “unitary” comes from the word “unit”, which means a single and complete entity. In this method, we find the value of a unit product from the given number of products, and then we solve for the other number of products.
Speed, Time, and Distance
Imagine you and 3 of your friends are planning to go to the playground at 6 in the evening. Your house is one mile away from the playground and one of your friends named Jim must start at 5 pm to reach the playground by walk. The other two friends are 3 miles away.
Profit and Loss
The amount earned or lost on the sale of one or more items is referred to as the profit or loss on that item.
Units and Measurements
Measurements and comparisons are the foundation of science and engineering. We, therefore, need rules that tell us how things are measured and compared. For these measurements and comparisons, we perform certain experiments, and we will need the experiments to set up the devices.
![The student council is hosting a drawing to raise money for scholarships. They are selling tickets for $5 each
and will sell 900 tickets. There is one $2,000 grand prize, four $500 second prizes, and thirteen $20 third
prizes. You just bought a ticket. Find the expected value for your profit. Round to the nearest cent.
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Given Information:
Selling tickets each for $5
Number of tickets sold = 900
There is one $2000 grand prize, Four $500 second prizes, Thirteen $20 third prizes.
To find the expected value for profit:
Let X denote the prize amount.
Expected value of any discrete random variable X is calculated using the formula:
X takes values $2000, $500, $20
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