How to get selected text of dropdown in jquery

Dropdowns are always doing a great job in web development, So there selected values are very important for doing task. you can <strong>get selected text of dropdown in jquery</strong> by this simple code.

HTML

<script src="http://code.jquery.com/jquery-1.9.1.js"></script>
<select id="mydropdown">
<option>Option 1</option>
<option>Option 2</option>
<option>Option 3</option>
<option>Option 4</option>
</select>
<div id="result"></div>

JavaScript

$(document).ready(function(){
		$('#mydropdown').change(function(){
			$selected_value=$('#mydropdown option:selected').text();
			$('#result').text($selected_value);
		});
	});