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    Statistics: Probability

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    The prizes that can be won in a sweepstakes are listed below with the chances of winning each one: $4000 (1 chance in 8200); $1700 (1 in 5300); $800 (1 in 4100); $200 (1 in 2200). Find expected value of the amount won for one entry if the cost to enter is 55 cents. Answer is 0.54. Please explain the procedure (without only showing the stat websites).

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