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July 24, 2014

July 24, 2014

Posted by **Twg** on Thursday, August 20, 2009 at 10:04pm.

- MATH Prob. -
**MathMate**, Friday, August 21, 2009 at 6:43amExpected value is obtained by summing the product of the prizes by the individual probabilities.

In this case, there is only one prize of $1400, of which the probability of getting it is 1/700. So the expected value is $1400*(1/700)=$2.

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