I know how to set up the first part of finding Xi on our table we set up, but i am struggling to understand how to solve for the Pi parts of the equation. i am drawing a blank on how to solve for the probability of $599? once i can figure out how t o solve the first one i can be sure to repeat fort he next number.
the formula for p(x)= P(X=x) so in my mind p(1 prize for 599)= 1/5000 or 1/29 not sure if that is right… but thats what i think.
Five thousand tickets are sold at? $1 each for a charity raffle. Tickets are to be drawn at random and monetary prizes awarded as? follows: 1 prize of
?$600, 3 prizes of $300?, 5 prizes of ?$20?, and 20 prizes of? $5. What is the expected value of this raffle if you buy 1? ticket?