Anthony D.

asked • 03/13/19

Find Probability distribution and the expected value

A non-profit organization sells 10,000 raffle tickets at $1 per ticket. There is one grand prize of $3,000, 4 prizes of $500 each and 10 prizes worth $50 each. You buy one of the tickets. Let the random variable X represent your net "winnings". Write out the probability distribution and find the expected value of X.

1 Expert Answer

By:

Alexander D. answered • 03/14/19

Tutor
5.0 (63)

Experienced Quantitative Analytics Specialist

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