Use the following statement to answer parts a) and b). Two hundred raffle tickets are sold for $3 each. One prize of $400 is to

Question

Use the following statement to answer parts a) and b). Two hundred raffle tickets are sold for $3 each. One prize of $400 is to be awarded. Winners do not have their ticket costs of $3 refunded to them. Raul purchases one ticket.
a) Determine his expected value.
b) Determine the fair price of a ticket.
a) His expected value is $. (Type an integer or a decimal.)
b) The fair price of a ticket is $. (Type an integer or a decimal.)

Kunduz · Accepted Answer

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