Question
Four thousand raffle tickets are sold for $1 each. Three prizes will be awarded, one for $ 10,000 and two for $5,000. Assume that the
Four thousand raffle tickets are sold for $1 each. Three prizes will be awarded, one for $ 10,000 and two for $5,000. Assume that the probability that any given ticket is selected for the $ 10,000 prize is 1/20,000 and the probability that any given ticket is selected for a $5,000 prize is 2/20,000. Winners do not have their ticket costs of $4 refunded to them. Jennifer purchases one of these tickets. Complete parts (a) and (b) below.
a) Determine Jennifer's expected value. $ enter your response here (Type an integer or a decimal rounded to the nearest hundredth as needed.)
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