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 $200, 5 prizes of $10, and 20 prizes of $5. What is the expected value of this raffle if you buy 1 ticket?

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 $200, 5 prizes of $10, and 20 prizes of $5. What is the expected value of this raffle if you buy 1 ticket?

A First Course in Probability (10th Edition)

10th Edition

ISBN:9780134753119

Author:Sheldon Ross

Publisher:Sheldon Ross

Chapter1: Combinatorial Analysis

Section: Chapter Questions

Problem 1.1P: a. How many different 7-place license plates are possible if the first 2 places are for letters and...

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Question

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

$200,

5 prizes of

$10,

and 20 prizes of $5. What is the expected value of this raffle if you buy 1 ticket?

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