Algebra.Com's Answer #826784 by ikleyn(52866)![\"\"](\"/images/stars/stars-13.gif\")  
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document.write( "At a raffle, 2000 tickets are sold at $3 each for four prizes of $600, $250, $200, and $80. You buy one tickets.
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document.write( "A) What is the expected value of your gain?
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document.write( "B) interpret the results.
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document.write( "C) is this a fair game? Explain.
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document.write( "Bying one ticket, you have \r\n" );
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document.write( " - the probability of  to win $600, or\r\n" );
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document.write( " - the probability of to win $250, or\r\n" );
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document.write( " - the probability of to win $200, or\r\n" );
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document.write( " - the probability of to win $80.\r\n" );
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document.write( "The expected value is then E =  =  =  = 0.565 dollars.\r\n" );
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document.write( "Paying #3 for each ticket, the expected value of the game is $0.565 - $3 = -$2.435.\r\n" );
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document.write( "In other words, playing many times, the gamer loses $2.435 in any game, in average.\r\n" );
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document.write( "The game is unfair.\r\n" );
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document.write( "Solved and explained.\r
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