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Mathematics, 01.11.2019 22:31 andrewhayward

Suppose your neighbors kid comes by to offer you a lottery ticket for the school fundraiser. there are 700 tickets sold and each are $10.

the prizes are as follows:

1st ticket drawn = $500 2nd ticket drawn = $250 3rd ticket drawn = $100

if all 700 tickets are sold, what is your expected value if you buy a ticket?

what is the estimated profit for the school if all 700 tickets are sold?

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