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 $1000, 3 prizes of $200, 5 prizes of $20, and 20 prizes of $5. What is the expected value of this 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 $1000, 3 prizes of $200, 5 prizes of $20, and 20 prizes of $5. What is the expected value of this 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.)
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
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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 of $1000, 3 prizes of $200, 5 prizes of $20, and 20 prizes of $5. What is the expected value of this 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.)
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