geometry

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One thousand raffle tickets are sold for $1.00 each. One grand prize of $200
and two consolation prizes of $50 each will be awarded. Jeremy purchases one ticket. Find his expected value. Show your work for full credit.

  • geometry -

    Expected value for a probability distribution is
    E(x)=∑xP(x)
    In this case,
    P(200)=1/1000
    P(50)=2/1000
    P(other prizes)=0/1000
    Calculate E(x)

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