mar7045 mar7045

09-11-2020
Mathematics

contestada

random variables, probability distributions and expected value

A community festival organizes a fundraiser for their local park. They sold 25,000 tickets at $20 each. The grand prize is $5,000. There are two prizes valued at $2,000, three prizes valued at $1,000, five prizes of $500, and ten prizes of $100. What is the expected value of this raffle? Round to the nearest cent. Do not round until the final calculation.

Respuesta :

emarcial20 emarcial20

10-11-2020

Answer:

-19.38

Step-by-step explanation:

E(x)=4,980*1/25000+1,980*2/25,000+980*3/25,000+480*5/25,000+80*10/25,000-20*24,979/25,000

E(x)=0.1992+0.1584+0.1176+0.096+0.032-19.9832

E(x)= -19.38

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