One thousand raffle tickets are sold at $2 each. Three prizes of $200 and two prizes of

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One thousand raffle tickets are sold at $2 each. Three prizes of $200 and two prizes of $100 will be awarded. Assume that the probability that any given ticket is selected for a $200 prize is 3/1000 and the probability that any given ticket is selected for a $100 prize is 2/1000.

(a) Determine the expectation of a person who purchases a ticket. 

(b) Determine the expectation of a person who purchases three tickets.

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A Survey of Mathematics with Applications

ISBN: 978-0134112107

10th edition

Authors: Allen R. Angel, Christine D. Abbott, Dennis Runde

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