Asked by angie
Use the following statement to answer parts a) and b). One hundred raffle tickets are sold for $3 each. One prize is to be awarded. Raul purchases one ticket. a). Determine his expected value. b). The fair price of a ticket is?
Answers
Answered by
John
$300 is what they will take in.
How much is the prize? I need that to find expected value for Raul.
The fair price of a ticket depends on the pay out.
How much is the prize? I need that to find expected value for Raul.
The fair price of a ticket depends on the pay out.