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You pay $15 to buy one ticket for a raffle supporting the local high school band. There is onefirst place winner who gets$500,two second place
You pay $15 to buy one ticket for a raffle supporting the local high school band. There is onefirst place winner who gets$500,two second place winners who get$200 each,three third place winners who get$100 each and there are no other prizes.If 800tickets for the raffle are sold,what is the expected value of the raffle ticket to you?
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