In a lottery 1000 tickets are sold at $0.35 each. There are 3 cash prizes: $130, $90, and $30. Alice buys 7 tickets. What would have been a fair price for a ticket? How much extra did Alice pay?
Round your answers to 2 decimal places.
Fair price is $ .
Alice paid $ in excess of the fair price.
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Ok imagine Alice bought all 1000 tickets at 35 cents each, then it would cost her $350 but the most she can win is (130+90+30) or $250. This is what makes the price unfair, a fair price implies expected return of 0 or you pay out as much as you take in.
So to solve for price use 1000*p = 250.
Take that answer and subtract it from 0.35 to find out how much extra Alice paid.