Prizes and the chances of winning in a sweepstakes are given in the table below. Prize: Chances $25,000,000: 1 chance in 400,000,000 $250,000: 1 chance in 150,000,000 $75,000: 1 chance in 50,000,000 $10,000: 1 chance in 4,000,000 $800,000: 1 chance in 500,000 A watch valued at $70: 1 chance in 8,000 Find the expected value (in dollars) of the amount won by one entry. E(X) = X_1*P(X_1)+X_2*P(X_2)+.... 3. The attempt at a solution I used the formula listed above and do not get the right answer. I'm really unsure as to why that doesn't work. I use the dollar values for my X and then the chance as my P(X). Can someone explain to me where my fault is in working this problem?