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A lottery sells 1000 tickets at $1 apiece. There is one winner who receives $100, and 5 second place winners who receive $50 each. What is the expected value of a ticket?

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  1. 11 November, 07:23
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    A lottery sells 1000 tickets at $1 apiece. There is one winner who receives $100, and 5 second place winners who receive $50 each. What is the expected value of a ticket? = $0.65
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