Ten thousand raffle tickets are sold at $2 each for a local library benefit. Prizes are awarded

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Ten thousand raffle tickets are sold at $2 each for a local library benefit. Prizes are awarded as follows: 2 prizes of $1,000, 4 prizes of $500, and 10 prizes of $100. What is the expected value of this raffle if you purchase 1 ticket?

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College Mathematics for Business Economics Life Sciences and Social Sciences

ISBN: 978-0321614001

12th edition

Authors: Raymond A. Barnett, Michael R. Ziegler, Karl E. Byleen

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Question Posted: Apr 14, 2016 08:00 AM

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Ten thousand raffle tickets are sold at $2 each for a local library benefit. Prizes are awarded

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College Mathematics for Business Economics Life Sciences and Social Sciences

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