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There is a $2 raffle with a first prize of $10000, a second prize of $500, and a 3rd prize of $100. If 1000 tickets are sold find the expected value. How much should the raffle ticket cost to make this a fair game?

  • Statistics - ,

    A fair game would be when the price of all the tickets sold is equal to the total prize money. That is $10600.

    So the price of one ticket would need to be just one-thousandth of that.

  • Statistics - ,

    i just need help

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