The Binomial Probability Distribution and Related TopicsBasic Computation: Expected Value: Part 2/3 Question:For a fundraiser, 1000 raffle tickets are sold and the winner is chosen at random. There is only one prize, $500 in cash. You buy 1 ticket. (b) Your expected earnings can be found by multiplying the value of the prize by the probability you will win the prize. What are your expected earnings?

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The Binomial Probability Distribution and Related Topics
Basic Computation: Expected Value:

Part 2/3

Question:
For a fundraiser, 1000 raffle tickets are sold and the winner is chosen at random. There is only one prize, $500 in cash. You buy 1 ticket.

(b) Your expected earnings can be found by multiplying the value of the prize by the probability you will win the prize. What are your expected earnings?

 

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