Question: Please help (#18) Five thousand tickets are sold at $1 each for a charity raffle. Tickets are to be drawn at random and monetary prizes

Please help (#18)

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 $600, 3 prizes of $300, 5 prizes of $30, and 20 prizes of $5. What is the expected value of this raffle if you buy 1 ticket? Let X be the random variable for the amount won on a single raffle ticket. E(X) = dollars (Round to the nearest cent as needed.)

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