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, three $500 second prizes, and eleven $30 third prizes. You just bought a ticket. Find the expected value for your profit. Round to the nearest cent

MATLAB: An Introduction with Applications
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ISBN:9781119256830
Author:Amos Gilat
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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 $7
each and will sell 700 tickets. There is one $2,000 grand prize, three $500 second prizes, and eleven $30
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 700 tickets. There is one $2,000 grand prize, three $500 second prizes, and eleven $30 third prizes. You just bought a ticket. Find the expected value for your profit. Round to the nearest cent.
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