A charity is holding a raffle to raise money. There is one car worth $30,000 and five $100 gift cards being raffled off. Each ticket costs $20, and there are a total of 5,000 tickets being sold. Which equation correctly depicts the calculation of the expected value for a ticket? 30,000 (StartFraction 1 Over 5,000 EndFraction) + 100 (StartFraction 1 Over 1000 EndFraction) + (negative 20) (StartFraction 2497 Over 2500 EndFraction) = E (X) 29,980 (StartFraction 1 Over 5,000 EndFraction) + 80 (StartFraction 1 Over 1000 EndFraction) + (negative 20) (StartFraction 2497 Over 2500 EndFraction) = E (X) 30,000 (StartFraction 1 Over 5,000 EndFraction) + 100 (StartFraction 1 Over 1000 EndFraction) = E (X) 29,980 (StartFraction 1 Over 5,000 EndFraction) + 80 (StartFraction 1 Over 1000 EndFraction) = E (X)

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Answer:

$7.00

Step-by-step explanation:

there is a total of $35,000 worth of prizes being given out for 5,000 tickets.  We can find the expected value for each ticket by dividing 35,000/5,000.  This equals $7.00.