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algebra 2

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I need help with this problem please
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 -

    prob of win = 1/500

    a) expected value = (1/500)($500) = $1.00
    b) a "fair" price would be $1.00

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