Five thousand tickets are sold at $1 each for a charity

Last updated: 7/4/2022

Five thousand tickets are sold at $1 each for a charity raffle. Tickets are to bedrawn at random and monetary prizes awarded as follows: 1 prize of $500, 3 prizes of $200, 5 prizes of $30, and 20 prizes of $5. What is the expected value of this raffle if you buy 1 ticket? Let X be the random variable for the amount won on a single raffle ticket. E(X)=dollars (Round to the nearest cent as needed.)