SOLUTION: Use the following statement to answer parts a) and b). Two hundred raffle tickets are sold for $3.00 each. One prize of $400 is to awarded. Paul purchases one ticket.
a) Dete
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a) Dete
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Question 981952: Use the following statement to answer parts a) and b). Two hundred raffle tickets are sold for $3.00 each. One prize of $400 is to awarded. Paul purchases one ticket.
a) Determine his expected value.
b) Determine the fair price of the ticket
