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Solve the Problem. -Suppose a Charitable Organization Decides to Raise Money by Raffling

Question 50

Multiple Choice

Solve the problem.
-Suppose a charitable organization decides to raise money by raffling a trip worth $500. If 3,000 Tickets are sold at $1.00 each, find the expected value of winning for a person who buys 1 ticket.


A) -$0.81
B) -$0.85
C) -$0.83
D) -$1.00

Correct Answer:

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