There is a $2 raffle with a first prize of $10000, a second prize of $500, and a 3rd prize of $100. If 1000 tickets are sold find the expected value. How much should the raffle ticket cost to make this a fair game?

Question

There is a $2 raffle with a first prize of $10000, a second prize of $500, and a 3rd prize of $100.  If 1000 tickets are sold find the expected value.  How much should the raffle ticket cost to make this a fair game?

Graham · Answer

A fair game would be when the price of all the tickets sold is equal to the total prize money. That is $10600. So the price of one ticket would need to be just one-thousandth of that.

mo · Answer

i just need help