2.) (a) In a lottery, the winning prize is $10,000. Each ticket costs $5 and exactly 5000 tickets are sold. Find the exp

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2 A In A Lottery The Winning Prize Is 10 000 Each Ticket Costs 5 And Exactly 5000 Tickets Are Sold Find The Exp 1 (29.44 KiB) Viewed 9 times

2.) (a) In a lottery, the winning prize is $10,000. Each ticket costs $5 and exactly 5000 tickets are sold. Find the expected value for a person who buys one ticket. Round to the nearest cent. (set-up and calculate) (b)A raffle offers one $1000 prize, five $100 prizes, and ten $25 gift cards. 1000 tickets are sold at $10 each. Find the expected value for a person who buys one ticket. Round to the nearest cent. (set-up and calculate) (c) A 60-year-old man in good health purchases a $50,000 life insurance policy for the annual cost of $1500. According to life-expectancy tables, the probability of death for a 65-year-old man is 0.01591. Calculate the expected value of the policy for the insurance company. (set-up and calculate)