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 $700, 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? a. Let X be the random variable for the amount won on a single raffle ticket. Complete the payoff table for the random variable X. xi pi (Enter the net amount won in decreasing order.) (Type probabilities as decimals.)
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 $700, 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? a. Let X be the random variable for the amount won on a single raffle ticket. Complete the payoff table for the random variable X. xi pi (Enter the net amount won in decreasing order.) (Type probabilities as decimals.)
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
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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
$700,
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?a. Let X be the random variable for the amount won on a single raffle ticket. Complete the payoff table for the random variable X.
|
(Enter
the net amount won in decreasing
order.)
(Type probabilities as decimals.)
|
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