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August 23, 2014

August 23, 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

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