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Five thousand raffle tickets are sold for 3 each Three prizes will be awarded one...

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Basic Math

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Five thousand raffle tickets are sold for 3 each Three prizes will be awarded one for 2 000 and two for 1 Assume that the probability that any given ticket is selected for the 2 000 prize is and the probability th 5 000 2 given ticket is selected for a 1 000 prize is 5 000 Jennifer purchases one of these tickets Complete parts a and b below Winners do not have their ticket costs of 3 refunded to a Determine Jennifer s expected value Type an integer or a decimal rounded to the nearest hundredth as needed

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