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 $500, 3 prizes of $100, 5 prizes of $30, 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 $500, 3 prizes of $100, 5 prizes of $30, 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...
Related questions
Question
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
$500,
3 prizes of
$100,
5 prizes of
$30,
and 20 prizes of $5. What is the expected value of this raffle if you buy 1 ticket?
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 2 images
Recommended textbooks for you