officers of the Mathematics Club are planning to sell 280 tickets to be raffled during the school’s foundation day. One ticket will win ₱5,000, two tickets will win ₱3,000, three tickets will win ₱2,000 and the other tickets will win nothing. If you will buy one ticket, what will be your expected value and variance of his gain?

College Algebra
10th Edition
ISBN:9781337282291
Author:Ron Larson
Publisher:Ron Larson
Chapter8: Sequences, Series,and Probability
Section8.7: Probability
Problem 11ECP: A manufacturer has determined that a machine averages one faulty unit for every 500 it produces....
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The officers of the Mathematics Club are planning to sell 280 tickets to be
raffled during the school’s foundation day. One ticket will win ₱5,000, two
tickets will win ₱3,000, three tickets will win ₱2,000 and the other tickets will
win nothing. If you will buy one ticket, what will be your expected value and
variance of his gain?

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