SOLUTION: Word Problem:
Ten thousand raffle tickets are sold for $3 each. Three prizes will be awarded, one for $ 5,000 and two for $2000. Assume that the probability that any given t
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Ten thousand raffle tickets are sold for $3 each. Three prizes will be awarded, one for $ 5,000 and two for $2000. Assume that the probability that any given t
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Question 1142889: Word Problem:
Ten thousand raffle tickets are sold for $3 each. Three prizes will be awarded, one for $ 5,000 and two for $2000. Assume that the probability that any given ticket is selected for the
$ 5,000 prize is 1/10000 comma 000 and the probability that any given ticket is selected for a $2,000 prize is 2/10000. Winners do not have their ticket costs of $3 refunded to them. Jennifer purchases one of these tickets.
A)What is Jennifer's expected value?
B) determine the fair price of a ticket? Answer by Alan3354(69443) (Show Source):
