Two thousand raffle tickets are sold for $2 each. Three prizes will be awarded, one for $1,000 and two for $500. Assume that the

Question

Two thousand raffle tickets are sold for $2 each. Three prizes will be awarded, one for $1,000 and two for $500. Assume that the probability that any given ticket is selected 1 for the $1,000 prize is and the probability that any given ticket is selected for a $500 prize is 1/2,000 Jennifer purchases one of these tickets. Complete parts (a) and (b) below. 2/2,000 Winners do not have their ticket costs of $2 refunded to them. 
(a) Determine Jennifer's expected value. (Type an integer or a decimal rounded to the nearest hundredth as needed.).
 (b) Determine the fair price of a ticket. (Type an integer or a decimal rounded to the nearest hundredth as needed.)

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