SOLUTION: PlEASE help! Raffle tickets. One thousand raffle tickets are sold for $1 each. One prize of $800 is to be awarded. a) Rena Condos purchases one ticket. Find her expected val

Algebra ->  Probability-and-statistics -> SOLUTION: PlEASE help! Raffle tickets. One thousand raffle tickets are sold for $1 each. One prize of $800 is to be awarded. a) Rena Condos purchases one ticket. Find her expected val      Log On


   

Question 126804:
PlEASE help!
Raffle tickets.
One thousand raffle tickets are sold for $1 each. One prize of $800 is to be awarded.
a) Rena Condos purchases one ticket. Find her expected value.
b) Determine the fair price of a ticket.
Answer by stanbon(75887) About Me  (Show Source):
You can put this solution on YOUR website!
this has been answered.
Cheers,
Stan H.