$ The student council is hosting a drawing to raise money for scholarships. They are selling tickets for $5 each and will sell 600 tickets. There is one $1,000 grand prize, four $200 second prizes, and eighteen $30 third prizes. You just bought a ticket. Find the expected value for your profit. Round to the nearest cent. Hint: Hint Video on Expected Value [+] Check Answer Gruen #+ix = 600 cost/tix = $5." Prizes one 1,000 grand four 200 sec prizes eighteen 30 third prizes $73.9-$5.00 = $11.10 ExXx) profit for $1,000 X; = $1,000 out of 600 tix, One P(xi) = 100 fur $200 sec prize xi = 206 out of 600 tix, four P(xi) = 4600 for $30 third prize Xi=30 out of 600 tix, 18