Question

Phi Beta Sigma has a raffle for a trip to the mountains valued at $500. If 1000 tickets are sold at $1 each, what is the

expected value of one ticket? Write your p(x) as decimals rounded to FIVE decimal places, if needed.

Answer 1

$E(X)=\frac{1000\cdot1-500}{1000}=\$0.5$