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Toyaischecking
500 hundred raffle tickets were sold for $2 each. A prize of $400 is to be awarded. If you buy one ticket,determine the expected value. What is the fair price. Please help. I just don't get it.
The answer is $1,000. Since from 500 raffle tickets at $2 each we will make $1,000, so $1,000 is the fair price.
1000$ = 500 tickets * 2$ each 1000$-400$ prize = 600$ 600$/500 tickets = 1.20$ i think this is the fair price of a ticket
Thank you for breaking it down for me. KUDOS!