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.
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