Mathematics, 19.03.2020 09:30 mecennabosaaen

Use the following statement to answer parts a) and b). Five hundred raffle tickets are sold for $3 each. One prize of $200 is to be awarded. Winners do not have their ticket costs of $3 refunded to them. Raul purchases one ticket.
a) Determine his expected value.
b) Determine the fair price of a ticket.

11.3#12

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