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April 20, 2014

Homework Help: Math 142

Posted by Nina on Friday, October 19, 2012 at 7:09pm.

800 hundred chances are sold at $2 apiece for a raffle. There is a grand prize of $650 dollars, two second prizes of $250, and five third prizes of $50. First calculate the expected value of the lottery. Determine if the lottery is a fair game. If the game is not fair, determine a price for playing the game that would make it fair.

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