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In: Statistics and Probability

Five thousand tickets are sold at​ $1 each for a charity raffle. Tickets are to be...

Five thousand tickets are sold at​ $1 each for a charity raffle. Tickets are to be drawn at random and monetary prizes awarded as​ follows: 1 prize of ​$800​, 3 prizes of ​$300​, 5 prizes of $10​, and 20 prizes of​ $5. What is the expected value of this raffle if you buy 1​ ticket?

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