document.write( "Question 322467: if a man purchases a lottery ticket, he can win a first place prize of 45000 or a second place prize of $2000 with probabilities of 0.001 and 0.003. What should be the price of one ticket? \n" ); document.write( "
Algebra.Com's Answer #230879 by stanbon(75887)\"\" \"About 
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if a man purchases a lottery ticket, he can win a first place prize of 45000 or a second place prize of $2000 with probabilities of 0.001 and 0.003. What should be the price of one ticket?
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\n" ); document.write( "Expected gain = 0.001*45000 + 0.003*2000 = $51
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\n" ); document.write( "For the game to \"fair\" they should pay $51 to play the game.
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\n" ); document.write( "Cheers,
\n" ); document.write( "Stan H.
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