A raffle is held with the following prizes: one prize of $5,000; two prizes of $1,000 and 4 prizes of $500. The cost of a ticket is $50 and 400…

A raffle is held with the following prizes: one prize of $5,000; two prizes of $1,000 and 4 prizes of $500. The cost of a ticket is $50 and 400 tickets are sold.

FIND THE EXPECTED VALUE OF THIS RAFFLE    

 TICKET

Round answer to 2 decimal places.

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