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Answer to Question #260904 in Statistics and Probability for Key
Question #260904
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.
Expert's answer
"E(X)=\\frac{1000\\cdot1-500}{1000}=\\$0.5"
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