Asked by brittany
five hundred raffle tickets are sold for $2 each. one prize of $400 is to be awarded. raul purchases one ticket. what is his expected value and fair price of the ticket.
Answers
Answered by
Damon
$1000 in and $400 out :)
chance of winning = 1/500
value = 400/500 = 80 cents
chance of winning = 1/500
value = 400/500 = 80 cents
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