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    expected prize

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    One thousand raffle tickets are sold for $5.00 each. One grand prize of $800 and two consolation prizes of $100 each will be awarded. Jeremy purchases one ticket. Find his expected value. Show your work for full credit.

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    https://brainmass.com/statistics/central-tendency/expected-prize-value-429606

    Solution Summary

    The expected prize is assessed.

    $2.19

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