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.
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