Find expected value of the amount won for one entry

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Reference no: EM13129082

The prizes that can be won in a sweepstakes are listed below together with the chances of winning each one: $5900 (1 chance in 8600); $2700 (1 chance in 5000); $600 (1 chance in 4800); $200 (1 chance in 2500). Find the expected value of the amount won for one entry if the cost of entering is 52 cents.

Reference no: EM13129082

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