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Write a probability distribution for the possible gains

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Reference no: EM131077679

At a raffle, 2000 tickets are sold at $5 each for five prizes of $2000, $1000, $500, $250, and $100. You buy one ticket. What is the expected value of your gain?

a. Find the gain for each prize.
b. Write a probability distribution for the possible gains.
c. Find the expected value.
d. Interpret the results.

Reference no: EM131077679

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