SOLUTION: A local PTA runs a fundraiser, selling lottery tickets for $5, offering 1 first prize of $100 and 5 second prizes worth $20 each. They sell 100 tickets. What is the expected value
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Question 981749: A local PTA runs a fundraiser, selling lottery tickets for $5, offering 1 first prize of $100 and 5 second prizes worth $20 each. They sell 100 tickets. What is the expected value of each ticket?
-$3
$3
-$2.7
$2.7
I have done this problem about 5 times and each time I get an answer of -$4. So im not sure of the answer so please help!
Answer by Fombitz(32388) (Show Source): You can put this solution on YOUR website!
$100 winner,
$20 winner,
$0 winner,
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