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Five thousand tickets are sold at $1 each for a charity raffle. Tickets are to...

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Algebra

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Five thousand tickets are sold at $1 each for a charity raffle. Tickets are to bedrawn at random and monetary prizes awarded as follows: 1 prize of $500, 3 prizes of $200, 5 prizes of $30, and 20 prizes of $5. What is the expected value of this raffle if you buy 1 ticket?Let X be the random variable for the amount won on a single raffle ticket.E(X)=dollars (Round to the nearest cent as needed.)

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Five thousand tickets are sold at $1 each for a charity raffle. Tickets are to bedrawn at random and monetary prizes awarded as follows: 1 prize of $500, 3 prizes of $200, 5 prizes of $30, and 20 prizes of $5. What is the expected value of this raffle if you buy 1 ticket?Let X be the random variable for the amount won on a single raffle ticket.E(X)=dollars (Round to the nearest cent as needed.)

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