A raffle ticket costs $5. First prize is $10,000, 2nd prize is $5,000, and there are 10 3rd prizes of $500. 5000 tickets are sold. Find the expected value E(x) for one play of the game.
Answer:By selling the policy for $50, the expected profit is $10 per policy. If 400,000 ... Expected value is a mathematical way to use probabilities to determine what to expect ... expected value, E, is computed by multiplying each outcome by its probability ... One of the tickets will be selected to win a grand prize of $1000. Two other.step explanation:
