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Five thousand tickets are sold at $1 each for a charity raffle. Tickets are to be drawn at random and monetary prizes awarded as follows: 1 prize of $600, 3 prizes of $100, 5 prizes of $20, and 20 prizes of $5. What is the expected value of this raffle if you buy 1 ticket? Let X be the random variable for the amount won on a single raffle ticket. E(X)= dollars (Round to the nearest cent as needed.)

Five thousand tickets are sold at $1 each for a charity raffle. Tickets are to be drawn at random and monetary prizes awarded as follows: 1 prize of $600, 3 prizes of $100, 5 prizes of $20, and 20 prizes of $5. What is the expected value of this raffle if you buy 1 ticket? Let X be the random variable for the amount won on a single raffle ticket. E(X)= dollars (Round to the nearest cent as needed.)

MATLAB: An Introduction with Applications
MATLAB: An Introduction with Applications
6th Edition
ISBN:9781119256830
Author:Amos Gilat
Publisher:Amos Gilat
Chapter1: Starting With Matlab
Section: Chapter Questions
Problem 1P
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Five thousand tickets are sold at $1 each for a charity raffle. Tickets are to be drawn at random and monetary prizes awarded as follows: 1 prize of $600, 3 prizes of $100, 5 prizes of $20, and 20 prizes of $5. What is the expected value of this raffle if you buy 1 ticket? Let X be the random variable for the amount won on a single raffle ticket. E(X)= dollars (Round to the nearest cent as needed.)
Transcribed Image Text:Five thousand tickets are sold at $1 each for a charity raffle. Tickets are to be drawn at random and monetary prizes awarded as follows: 1 prize of $600, 3 prizes of $100, 5 prizes of $20, and 20 prizes of $5. What is the expected value of this raffle if you buy 1 ticket? Let X be the random variable for the amount won on a single raffle ticket. E(X)= dollars (Round to the nearest cent as needed.)
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