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A charitable organization is having a raffle for a single prize of $7000. Each raffle ticket costs$3, and 9000 tickets have been sold. (a) Find the expected gain for the purchaser of a single ticket. (b) Find the expected gain for the purchaser of two tickets.
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Step 1
1 of 6We apply the following formula in the task. The expected value of the variable with the probability function is represented as follows.
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