A local school is holding a fundraising event. Everyone that attends receives a raffle ticket. At the end of the night the raffle is held.
Assume 1,000 people attend the event, and hence there are 1,000 tickets in the raffle.
There will be
• 85 tickets that each win $10
• 60 tickets that each win $20
• 20 tickets that each win $50
• 10 tickets that each win $100
• and the rest of the tickets win nothing
What is the variance of the winnings from this raffle?
Do not round until you have your answer. Round your answer to 2 decimal places.