Question

Asked Nov 25, 2019

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At a Raffle, 1000 tickets are sold at $5 each. There are 20 prizes of $100, and 1 grand prize of $2000. Suppose you buy one ticket. Let the random Variable *X *represent your net gain (remember that the net gain should include the cost of the ticket) after playing the game once.

Question: If you ply in such a raffle 100 times, what is the expected net gain?

Step 1

Before calculating the expected net gain, the probability d...

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