Let’s take X to be the random variable where X = \[0,500,2000\]and \[3000\]
Suppose \[10,000\] tickets are sold in a lottery each for Re \[1\]. First prize is of Rs \[3000\] and the second prize is of Rs. \[2000\]. There are three third prizes of Rs. \[500\] each. If you buy one ticket, what is your expectation.
Suppose \[10,000\] tickets are sold in a lottery each for Re \[1\]. First prize is of Rs \[3000\] and the second prize is of Rs. \[2000\]. There are three third prizes of Rs. \[500\] each. If you buy one ticket, what is your expectation.