Question

A prize drawing offers one $2000 prize, two $1000 prize, two $500 prizes, and five $100...

A prize drawing offers one $2000 prize, two $1000 prize, two $500 prizes, and five $100 prizes. 3000 tickets are sold at $5 each. Find the expected value of a person that buys one ticket.

Math   Statistics-And-Probability   
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Answer #1

Out of tickets, wins , win , another win , win and win nothing.

Let be the prize that a ticket wins.

Expected winnings

Expected value of a person = ( is the ticket price)

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