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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:

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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 $700, 3 prizes of $200, 5 prizes of $10, and 20 prizes of $5. What is the expected value of this raffle if you buy 1 ticket? a. Let X be the random variable for the amount won on a single raffle ticket. Complete the payoff table for the random variable X. (Enter the net amount won in decreasing order.) (Type probabilities as decimals.) b. E(X) = $ (Round to the hundredths place if necessary.)

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