If a raffle has a winning prize of $100 and each ticket costs $5 with a total of 500 tickets sold, which equation would calculate the expected value?
100 (StartFraction 1 Over 500 EndFraction) + (negative 5) (StartFraction 499 Over 500 EndFraction) = E (X)
95 (StartFraction 1 Over 500 EndFraction) + (negative 5) (StartFraction 499 Over 500 EndFraction) = E (X)
(100 minus 5) (StartFraction 1 Over 500 EndFraction) = E (X)
(100) (StartFraction 1 Over 500 EndFraction) = E (X)