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Five hundred raffle tickets are sold at ₱25 each for three prizes of ₱4,000, ₱2,...
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Five hundred raffle tickets are sold at ₱25 each for three prizes of ₱4,000, ₱2,500, and ₱1,000. After each prize drawing, the winner ticket is then returned to the collection of tickets. What is the mean or expected value if a person purchases four tickets?
x
₱3,900
₱2,400
₱900
-₱100
P(x)
4/500
4/500
4/500
496/500
0%
0%
0%
0%