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QUESTION 4 I buy one of 5000 raffle tickets for $1. The sponsors then randomly select one grand prize worth $500, two second prizes worth $200 each, and three third prizes at $100 each. Create the probability distribution for this raffle and calculate my expected value. Outcomes win grand prize win a 2nd prize win a 3rd prize win a nothing (lose) Expected value in dollars: Value 499 For Blank 3 P(x) 1/5000 2/5000 xP(x) 499/5000 sum:

QUESTION 4 I buy one of 5000 raffle tickets for $1. The sponsors then randomly select one grand prize worth $500, two second prizes worth $200 each, and three third prizes at $100 each. Create the probability distribution for this raffle and calculate my expected value. Outcomes win grand prize win a 2nd prize win a 3rd prize win a nothing (lose) Expected value in dollars: Value 499 For Blank 3 P(x) 1/5000 2/5000 xP(x) 499/5000 sum:

A First Course in Probability (10th Edition)
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 4 I buy one of 5000 raffle tickets for $1. The sponsors then randomly select one grand prize worth $500, two second prizes worth $200 each, and three third prizes at $100 each. Create the probability distribution for this raffle and calculate my expected value. Outcomes win grand prize win a 2nd prize win a 3rd prize win a nothing (lose) Expected value in dollars: Value 499 For Blank 3 P(x) 1/5000 2/5000 xP(x) 499/5000 sum:
Transcribed Image Text:QUESTION 4 I buy one of 5000 raffle tickets for $1. The sponsors then randomly select one grand prize worth $500, two second prizes worth $200 each, and three third prizes at $100 each. Create the probability distribution for this raffle and calculate my expected value. Outcomes win grand prize win a 2nd prize win a 3rd prize win a nothing (lose) Expected value in dollars: Value 499 For Blank 3 P(x) 1/5000 2/5000 xP(x) 499/5000 sum:
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It is given that one grand prize worth $500, two second prizes worth $200 each and three third prizes at $100 each.

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