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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 $900, 3 prizes of $100, 5 prizes of $20, and 20 prizes of $5. What is the expected value of raffle if you buy 1 ticket? Let X be the random variable for the amount won on a single raffle ticket. E(X) = dollars (Round to the nearest cent as needed.)

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 $900, 3 prizes of $100, 5 prizes of $20, and 20 prizes of $5. What is the expected value of raffle if you buy 1 ticket? Let X be the random variable for the amount won on a single raffle ticket. E(X) = dollars (Round to the nearest cent as needed.)

College Algebra
College Algebra
10th Edition
ISBN:9781337282291
Author:Ron Larson
Publisher:Ron Larson
Chapter8: Sequences, Series,and Probability
Section: Chapter Questions
Problem 41CT: On a game show, a contestant is given the digits 3, 4, and 5 to arrange in the proper order to form...
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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 raffle if you buy 1 ticket? $900, 3 prizes of $100, 5 prizes of $20, and 20 prizes of $5. What is the expected value of this Let X be the random variable for the amount won on a single raffle ticket. E(X)=dollars (Round to the nearest cent as needed.) Help me solve this View an example Textbook Clear all Check answer MacBook Air esc 44 F6 %23 2$ % * 2 3 4 5 7 delete Q W Y U P { tab enter A S D F G H K caps lock return O < > ? Y + II
Transcribed Image Text: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 raffle if you buy 1 ticket? $900, 3 prizes of $100, 5 prizes of $20, and 20 prizes of $5. What is the expected value of this Let X be the random variable for the amount won on a single raffle ticket. E(X)=dollars (Round to the nearest cent as needed.) Help me solve this View an example Textbook Clear all Check answer MacBook Air esc 44 F6 %23 2$ % * 2 3 4 5 7 delete Q W Y U P { tab enter A S D F G H K caps lock return O < > ? Y + II
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