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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.
 2 years ago
 2 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.
 2 years ago
 2 years ago

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lexussmi12Best ResponseYou've already chosen the best response.1
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 years ago

keebler01Best ResponseYou've already chosen the best response.0
thanks Lexussmi is that the answer!
 2 years ago
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