At a raffle, 2000 tickets are sold at $5 each for five prizes of $2000, $1000, $500, $250, and $100. You buy one ticket. What is the expected value of your gain?
a. Find the gain for each prize.
b. Write a probability distribution for the possible gains.
c. Find the expected value.
d. Interpret the results. |

New search. (Also 1294 free access solutions) |