Wednesday

September 17, 2014

September 17, 2014

Posted by **bernie** on Tuesday, April 30, 2013 at 11:48am.

five hundred raffle tickets are sold for $3.00 each,one prize of 500 is to be awarded, Raul purchased one ticket. a) his expected value?

b) the fair price of the ticket?

- algebra 2 -
**Reiny**, Tuesday, April 30, 2013 at 1:14pmprob of win = 1/500

a) expected value = (1/500)($500) = $1.00

b) a "fair" price would be $1.00

**Answer this Question**

**Related Questions**

algebra 2 - need help with , five hundred raffle tickets are sold for $3.00 each...

liberal arts math 1 - Five hundred raffle tickets were sold for $2 each. A ...

math - 100 raffle tickets are sold for 3 dollars each. One prize of 200 is to ...

Math - Volunteers working to raise funds for a new community library sold 1000 ...

College Math - Volunteers working to raise funds for a new community library ...

stats math - Suppose you are selling raffle tickets for $3.00 each. You have the...

math - 100 raffle tickets are sold for $3 with one grand prize of $200. Julie ...

geometry - One thousand raffle tickets are sold for 4.00 each. one grand prize ...

Math - One thousand raffle tickets are sold for $1.00 each. One grand prize of $...

Math - One thousand raffle tickets are sold for $4.00 each. One grand prize of $...