Raffle Tickets One thousand raffle tickets are sold at $2
Chapter 12, Problem 904(choose chapter or problem)
Raffle Tickets One thousand raffle tickets are sold at $2 each. Three prizes of $200 and two prizes of $100 will be awarded. Assume that the probability that any given ticket is selected for a $200 prize is 3 1000 and the probability that any given ticket is selected for a $100 prize is 2 1000. a) Determine the expectation of a person who purchases a ticket. b) Determine the expectation of a person who purchases three tickets.
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