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 $600, 3 prizes of $100, 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 $600, 3 prizes of $100, 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.)
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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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 $600, 3 prizes of $100, 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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