# 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?

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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 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?

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Step 1

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

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