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March 27, 2017

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One thousand raffle tickets are sold for $4.00 each. One grand prize of $800 and two consolation prizes of $100 each will be awarded. Jeremy purchases one ticket. Find his expected value.

  • Math - ,

    Hint: the expected value can be found by assuming that someone bought all tickets, and therefore won all prizes. Divide the total value of the prizes by the number of tickets bought to get the expected value.

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