Provide an Appropriate Response

Multiple Choice

Provide an appropriate response.
-The prizes that can be won in a sweepstakes are listed below together with the chances of winning each one: $4200 (1 chance in 8000) ; $1600 (1 chance in 6900) ; $500 (1 chance in 3300) ; $300 (1 chance in 2000) . Find the
Expected value of the amount won for one entry if the cost of entering is 53 cents.

A) $0.53
B) $0.38
C) $300
D) $0.91