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 $900900, 3 prizes of $200200, 5 prizes of $2020, 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 $900900, 3 prizes of $200200, 5 prizes of $2020, and 20 prizes of $5. What is the expected value of this raffle if you buy 1 ticket?
College Algebra (MindTap Course List)
12th Edition
ISBN:9781305652231
Author:R. David Gustafson, Jeff Hughes
Publisher:R. David Gustafson, Jeff Hughes
Chapter8: Sequences, Series, And Probability
Section8.7: Probability
Problem 33E: Find the probability of each event. Drawing 5 orange cubes from a bowl containing 5 orange cubes and...
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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
$900900,
3 prizes of
$200200,
5 prizes of
$2020,
and 20 prizes of $5. What is the
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