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?

Question

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?

John · Answer

$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.