Tickets for a raffle cost $$13. There were 702 tickets sold. One ticket will be randomly selected as the winner, and tha
Posted: Sun Jul 10, 2022 10:21 am
Tickets for a raffle cost $$13. There were 702 tickets sold. One ticket will be randomly selected as the winner, and that person wins $$1700 and also the person is given back the cost of the ticket. For someone who buys a ticket, what is the Expected Value (the mean of the distribution)?If the Expected Value is negative, be sure to include the "-" sign with the answer. Express the answer rounded to two decimal places.Expected Value = $