anonymous
  • anonymous
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.
Mathematics
  • Stacey Warren - Expert brainly.com
Hey! We 've verified this expert answer for you, click below to unlock the details :)
SOLVED
At vero eos et accusamus et iusto odio dignissimos ducimus qui blanditiis praesentium voluptatum deleniti atque corrupti quos dolores et quas molestias excepturi sint occaecati cupiditate non provident, similique sunt in culpa qui officia deserunt mollitia animi, id est laborum et dolorum fuga. Et harum quidem rerum facilis est et expedita distinctio. Nam libero tempore, cum soluta nobis est eligendi optio cumque nihil impedit quo minus id quod maxime placeat facere possimus, omnis voluptas assumenda est, omnis dolor repellendus. Itaque earum rerum hic tenetur a sapiente delectus, ut aut reiciendis voluptatibus maiores alias consequatur aut perferendis doloribus asperiores repellat.
jamiebookeater
  • jamiebookeater
I got my questions answered at brainly.com in under 10 minutes. Go to brainly.com now for free help!
anonymous
  • anonymous
The answer is $1,000. Since from 500 raffle tickets at $2 each we will make $1,000, so $1,000 is the fair price.
mihai
  • mihai
1000$ = 500 tickets * 2$ each 1000$-400$ prize = 600$ 600$/500 tickets = 1.20$ i think this is the fair price of a ticket
anonymous
  • anonymous
Thank you for breaking it down for me. KUDOS!

Looking for something else?

Not the answer you are looking for? Search for more explanations.