Expected Value Example 2: The Red Cross is selling raffle tickets as a fund raiser. They have 10,000 tickets to sell for $1 each. They will draw 3 winners after all the tickets are sold. The first-place winner will receive $750, second-place winner will get $500 and the third-place winner gets $250. a) Using the information above fill in the probability model in the table below: Prize: First Place Second Place Third Place None Amount: $0 Probability: b) Calculate the expected value of a ticket? Show work! c) Interpret what that expected value mean in context to this scenario.

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Statements and Logic

Logic is the analysis of general patterns of thoughts without regard to any specific sense of context.