Tickets for a raffle cost $11. There were 836 tickets sold. One ticket will be randomly...
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Tickets for a raffle cost $11. There were 836 tickets sold. One ticket will be randomly selected as the winner, and that person wins $1600 and also the person is given back the cost of the ticket. For someone who buys a ticket, what is the Expected Value (the mean of the distribution)? If the Expected Value is negative, be sure to include the "-" sign with the answer. Express the answer rounded to two decimal places. Expected Value = $ Tickets for a raffle cost $11. There were 836 tickets sold. One ticket will be randomly selected as the winner, and that person wins $1600 and also the person is given back the cost of the ticket. For someone who buys a ticket, what is the Expected Value (the mean of the distribution)? If the Expected Value is negative, be sure to include the "-" sign with the answer. Express the answer rounded to two decimal places. Expected Value = $
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The expected value can be calculated by taking the sum of all poss... View the full answer
Related Book For
A Survey Of Mathematics With Applications
ISBN: 9780135740460
11th Edition
Authors: Allen R. Angel, Christine D. Abbott, Dennis Runde
Posted Date:
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