Question

PLEASE HELP!!: 600 raffle tickets were sold for $5 each. There is one $500 first prize and three $200 second prizes. The remainder of the tickets do not win anything. What is the expected value of this raffle?

Answer 1

$4,100

Explanation:

600 x $5 = $3000

$3000 + $500 = $3500

$3500 + $200 + $200 + $200 = $4100

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