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Find the Expected Value of the Random Variable

Question 66

Multiple Choice

Find the expected value of the random variable. Round to the nearest cent unless stated otherwise.
-Suppose you buy 1 ticket for $1 out of a lottery of 1,000 tickets where the prize for the one winning ticket is to be $500. What is your expected value?


A) -$1.00
B) -$0.40
C) -$0.50
D) $0.00

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