document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=129354>Question 129354</A>This question is from textbook <A HREF=http://www.amazon.com/exec/obidos/ASIN/013113941x/algebrahomeworkh>fundamentals of maths</A><BR>\n" );
document.write( ": <I><SPAN STYLE=\"word-break: break-all;\"> my mom is trying to help me with this problem, but we are not good at it. Can you continue to help us please? Here we go.<BR>\n" );
document.write( "One thousand raffle tickets are sold for a firs prize $300. A second prize of $150. And a third prize of $50.00 dollars.What is a fair price to pay foe a raffle ticket? if Mary brought a raffle ticket for $1.00 dollar. What can you conclude about the cost of entering this raffle?. my mom says that i must do it this way.<BR>\n" );
document.write( "1000 times $300.00 followed by $150.00 and so on. i know this is not right. Can you help us please? </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #94628 by </B><A HREF=/tutors/aboutme.mpl?userid=stanbon><B>stanbon(75887)</B></A><img src=\"/images/stars/stars-13.gif\" alt=\"\" >&nbsp;<A HREF=/tutors/aboutme.mpl?userid=stanbon><IMG SRC=http://www.algebra.com/images/aboutme-small.gif BORDER=0 alt=\"About Me\" VALIGN=MIDDLE></A>&nbsp;<IMG SRC=http://www.algebra.com/images/nopicture.jpg><BR>You can <A HREF=\"/cgi-bin/embed-solution.mpl?show=1&solution=94628\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> One thousand raffle tickets are sold for a first prize $300. <BR>\n" );
document.write( "A second prize of $150. <BR>\n" );
document.write( "And a third prize of $50.00 dollars.<BR>\n" );
document.write( " <BR>\n" );
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document.write( "Let your random variable be \"x = gain\"<BR>\n" );
document.write( "Values of the random variable are:<BR>\n" );
document.write( "300...................150................50.............-1.......<BR>\n" );
document.write( "Corresponding probabilities are:<BR>\n" );
document.write( "1/1000................1/1000.............1/1000.........999/1000\r<BR>\n" );
document.write( "\n" );
document.write( "Expected \"gain\" value = (1/1000)(300+150+50)-(999/1000) = -499/1000= -49.9 cents<BR>\n" );
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document.write( "What is a fair price to pay for a raffle ticket?<BR>\n" );
document.write( "About 50 cents<BR>\n" );
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document.write( "if Mary brought a raffle ticket for $1.00 dollar.<BR>\n" );
document.write( "What can you conclude about the cost of entering this raffle?.<BR>\n" );
document.write( "50 cents covers the cost of the prises; the rest benefits the orgainizer.<BR>\n" );
document.write( "Mary can expect to lose 50 cents and every dollar she spends.<BR>\n" );
document.write( "--------------------<BR>\n" );
document.write( "Cheers,<BR>\n" );
document.write( "Stan H. </SPAN>\n" );
document.write( "</TD></TR></TABLE>\n" );