SOLUTION: Suppose that 1,000 tickets are sold for a raffle. If there is one prize of $2,500, two prizes of $500, four prizes of $100, and thirteen prizes of $20, what is the expected value

SOLUTION: Suppose that 1,000 tickets are sold for a raffle. If there is one prize of $2,500, two prizes of $500, four prizes of $100, and thirteen prizes of $20, what is the expected value

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Question 872061: Suppose that 1,000 tickets are sold for a raffle. If there is one prize of $2,500, two prizes of $500, four prizes of $100, and thirteen prizes of $20, what is the expected value of a raffle ticket? Please help. I must use expected value formula but I'm stumped.
Answer by ewatrrr(24785) (Show Source): You can put this solution on YOUR website!
You did not say the Cost of a raffle ticket

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