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OpenStudy (anonymous):
One thousand raffle tickets are sold for $5.00 each. One grand prize of $1000 and two consolation prizes of $100 each will be awarded. Jeremy purchases one ticket. Find his expected value. Show your work for full credit
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OpenStudy (anonymous):
you spend 1000*$5=$5000 you win $1000+$400=$1400 for a net loss of $5000-$1400= $3600 $3600/1000= $3.60expected loss
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