One thousand raffle tickets are sold for $5 each. Three prizes will be awarded, one for $500 and two for $200. Assume that the probability that any given ticket is selected for the $500 prize is 1 and...

Extracted text: One thousand raffle tickets are sold for $5 each. Three prizes will be awarded, one for $500 and two for $200. Assume that the probability that any given ticket is selected for the $500 prize is 1 and the probability that any given ticket is selected for a $200 prize is 2 Winners do not have their ticket costs of $5 refunded 1,000 1,000 to them. Jennifer purchases one of these tickets. Complete parts (a) and (b) below. (a) Determine Jennifer's expected value. (Type an integer or a decimal rounded to the nearest hundredth as needed.)