Expected value of buying raffle ticket

Reference no: EM1390613

The symphony sells raffle tickets each year to raise money. Assume they sell 2000 tickets and the tickets cost $100 each. The top prize is a $50,000 car and the second prize is a $5,000 gift certificate from jewelry store and the third prize is a $1,000 shopping spree at an area mall. Find the expected value of buying a raffle ticket.

Reference no: EM1390613

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