The student council is hosting a drawing to raise money for…
The student council is hosting a drawing to raise money for scholarships. They are selling tickets for $1 each and will sell 1500 tickets. There is one $600 grand prize, five $50 second prizes, and twenty $25 third prizes. You just bought a ticket. Find the expected value for your profit. Round your answer to the nearest cent (two decimal points). Video on Expected Value Hint Textbook Pages
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