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keebler01

  • 4 years ago

Raffle tickets. One thousand raffle tickets are sold for $1 each. One prize of $800 is to be award a)Rena Condos purchases one ticket. Determine her expected value. b) Determine the fair price of a ticket.

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  1. lexussmi12
    • 4 years ago
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    The probabilities are 1/1000 and 999/1000 Multiplying and add you get: 800(1/1000)+x(999/1000) = 0 800 + 999x = 0 x = -(800/999) dollars x = -0.80 dollars The price to play should be 80 cents.

  2. lexussmi12
    • 4 years ago
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    that helps

  3. keebler01
    • 4 years ago
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    thanks Lexussmi is that the answer!

  4. lexussmi12
    • 4 years ago
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    yeah

  5. keebler01
    • 4 years ago
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    thanks u so much!

  6. lexussmi12
    • 4 years ago
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    welcome

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