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What is the expected value of raffle

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Problem: 5000 tickets are sold at $1 each for a charity raffle. Tickets are to be drawn at random and monetary prizes awarded as follows: one prize of $900, three prizes of $300, five prizes of $20, and 20 prizes of $5 dollars. What is the expected value of this raffle if you buy one ticket?

Reference no: EM132463923

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