anonymous
  • anonymous
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.
Mathematics
  • Stacey Warren - Expert brainly.com
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SOLVED
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jamiebookeater
  • jamiebookeater
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anonymous
  • anonymous
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.
anonymous
  • anonymous
http://www.algebra.com/algebra/homework/Probability-and-statistics/Probability-and-statistics.faq.question.126791.html
anonymous
  • anonymous
that helps

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anonymous
  • anonymous
thanks Lexussmi is that the answer!
anonymous
  • anonymous
yeah
anonymous
  • anonymous
thanks u so much!
anonymous
  • anonymous
welcome

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