Mathematics, 09.11.2020 05:40 bnbjj

Random variables, probability distributions and expected value A community festival organizes a fundraiser for their local park. They sold 25,000 tickets at $20 each. The grand prize is $5,000. There are two prizes valued at $2,000, three prizes valued at $1,000, five prizes of $500, and ten prizes of $100. What is the expected value of this raffle? Round to the nearest cent. Do not round until the final calculation.

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Random variables, probability distributions and expected value A community festival organizes a fun...