Ten thousand raffle tickets are sold. one first prize of$2000,4 second prizes of $800 each, and10 third prizes of$400 each are to be awarded, with all winners selected randomly. if you are given one ticket, what are your expected winnings?
From the information given: Random wins 2000 800 400 0 Probabilities 1/10^4 4/10^4 10/10^4 9985/10^4 thus the expectation will be: E(x)=[2000+4*800+4000+9985*0]/10^4 E(x)=9200/10000 E(x)=$0.92
