# 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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