Question
Five thousand raffle tickets are sold for $3 each. Three prizes will be awarded, one for $2,000 and two for $ Assume that the
Five thousand raffle tickets are sold for $3 each. Three prizes will be awarded, one for $2,000 and two for $ Assume that the probability that any given ticket is selected for the $2,000 prize is 1 and the probability th 5,000 2 Winners do not have their ticket costs of $3 refunded to given ticket is selected for a $1,000 prize is 5,000 Jennifer purchases one of these tickets. Complete parts (a) and (b) below. (a) Determine Jennifer's expected value. $ (Type an integer or a decimal rounded to the nearest hundredth as needed.)
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