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What's the maximum award the Real Estate Recovery Fund will pay out per transaction, if there are three complainants applying for an award?

User Lyd
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1 Answer

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Final answer:

Without specific details about the probabilities and prize amounts, it is not possible to calculate the expected average winnings per raffle. Typically, one would multiply each prize amount by its probability of winning and then sum these products to find the expected value.

Step-by-step explanation:

The question appears to refer to the expected value computation in probability, but it seems there might be a mistake in the context of the question, as a Real Estate Recovery Fund is not typically associated with raffles or expected winnings. Assuming the question is about a raffle and not a Real Estate Recovery Fund, if you always purchase four tickets in a raffle, the expected average winnings per raffle would depend on the total number of tickets, the cost of each ticket, the prize amounts, and the probability of winning each prize.

To calculate the expected average winnings, you multiply the probability of each possible outcome by its corresponding value (in this case, winnings), and then sum all those products. Without specific information about the probabilities and prize amounts, it is not possible to give a numerical answer. However, the expected value, in general, is a fundamental concept in probability and statistics that provides a predictive measure of what one can anticipate to occur on average over the long run.

User Kiven
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