Five thousand tickets are sold at $1 each for a charity raffle. Tickets will be drawn at
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Five thousand tickets are sold at $1 each for a charity raffle. Tickets will be drawn at random and monetary prizes awarded as follows: 1 prize of $500; 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?
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College Mathematics For Business Economics, Life Sciences, And Social Sciences
ISBN: 978-0134674148
14th Edition
Authors: Raymond Barnett, Michael Ziegler, Karl Byleen, Christopher Stocker
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