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1000 raffle tickets are sold and the winner is chosen at random there is only one prize $500 in cash you buy one ticket(a) what is the probability you will win the prize of $500 (b) your expected earnings can be found by multiplying the value of the prize by the probability you will win the prize what are your expected earnings?

  • statistics -

    5 dollars

  • statistics -

    b) 500 x .001=.5

  • statistics -

    a) 1/1000= .001

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