Tickets for a raffle cost $9. There were 626 tickets sold. One ticket will be randomly selected as the winner, and that person wins $1400 and also the person is given back the cost of the ticket. For someone who buys a ticket, what is the Expected Value (the mean of the distribution)? If the Expected Value is negative, be sure to include the "." sign with the answer. Express the answer rounded to two decimal places. Expected Value = $

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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Tickets for a raffle cost $9. There were 626 tickets sold. One ticket will be randomly selected as the
winner, and that person wins $1400 and also the person is given back the cost of the ticket. For someone
who buys a ticket, what is the Expected Value (the mean of the distribution)?
If the Expected Value is negative, be sure to include the "-" sign with the answer. Express the answer
rounded to two decimal places.
Expected Value = $
Transcribed Image Text:Tickets for a raffle cost $9. There were 626 tickets sold. One ticket will be randomly selected as the winner, and that person wins $1400 and also the person is given back the cost of the ticket. For someone who buys a ticket, what is the Expected Value (the mean of the distribution)? If the Expected Value is negative, be sure to include the "-" sign with the answer. Express the answer rounded to two decimal places. Expected Value = $
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