Raffle sells 2500 tickets at $8 each winning prizes 30 at $100, 10 at 500$ , one at $8000. your means/expected value of X = -1.60 If you were to play in such a raffle 100 times what is the expected net gain?

Raffle sells 2500 tickets at $8 each winning prizes 30 at $100, 10 at 500$ , one at $8000. your means/expected value of X = -1.60 If you were to play in such a raffle 100 times what is the expected net gain?

MATLAB: An Introduction with Applications

6th Edition

ISBN:9781119256830

Author:Amos Gilat

Publisher:Amos Gilat

Chapter1: Starting With Matlab

Section: Chapter Questions

Problem 1P

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Question

Raffle sells 2500 tickets at $8 each winning prizes 30 at $100, 10 at 500$ , one at $8000.

your means/expected value of X = -1.60

If you were to play in such a raffle 100 times what is the expected net gain?

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