Question
Asked Sep 22, 2019
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Suppose a charitable organization decides to raise money by raffling a trip worth $500. If
3000 tickets are sold at $1.00 each, find the expected payback for a person who buys 1
ticket
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Suppose a charitable organization decides to raise money by raffling a trip worth $500. If 3000 tickets are sold at $1.00 each, find the expected payback for a person who buys 1 ticket

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Expert Answer

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Expected value:

The expected value of a random variable is the sum of the possible values that t...

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