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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