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 $900, 3 prizes of $200, 5 prizes of $10, and 20 prizes of $5. What is the expected value of this raffle if you buy 1 ticket?
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 $900, 3 prizes of $200, 5 prizes of $10, and 20 prizes of $5. What is the expected value of this raffle if you buy 1 ticket?
Chapter8: Sequences, Series,and Probability
Section8.7: Probability
Problem 4ECP: Show that the probability of drawing a club at random from a standard deck of 52 playing cards is...
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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 $900,
3 prizes of
$200,
5 prizes of
$10,
and 20 prizes of $5. What is the expected value of this raffle if you buy 1 ticket?
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