# Math

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A raffle sold 400 tickets and awards a grand prize of \$1,000.

Was \$4 a fair price to pay for a ticket?

• Math -

"fair" is a subjective term. However, \$4 is not "actuarilly fair" as the seller pulled in \$1600 and only paid out \$1000. \$2.50 would have been and actuarilly fair price.

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