A lottery offers one $900 prize, one $600 prize, three $400 prizes, and five $100 prizes. One thousand tickets are sold at $6 each. Find the expectation of a person buys five tickets.

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  1. Total amount of prizes
    = 900+600+3*400+5*100
    = $3200
    Total number of tickets
    = 1000
    expected value of prizes for each ticket sold =3200/1000=$3.2
    What is the expected value of 5 tickets?

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  2. .695

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