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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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?

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