The prizes that can be won in a sweepstakes are listed below together with the chances of winning each one.(adsbygoogle = window.adsbygoogle || []).push({});

$5900(1 chance in 8100); $2500( 1 chance in 6200); $600 (1 chance in 4700); $300(1 chance in 2600)

Find the expected value of the amount won for one entry if the cost to enter is

75 cents.

Now I am having trouble setting this up as a probability distribution. I just don't know where to start or what goes where. I know the awnser is $0.62..but i just can't figure out the steps. So far i'v been doing it like this

x P(x)

----- ------

Win $5899.25 ?

Lose -$.75 ?

Well I think i'm setting up "x" wrong and I just don't know what the probability should be. So any help would be apreciated.

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# Finding expected Value

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