Question:
Use the following statement to answer parts a) and b). Two
Last updated: 7/28/2022
![Use the following statement to answer parts a) and b). Two](https://media.kunduz.com/media/sug-question/raw/57302643-1659013267.6349084.jpeg?h=512)
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.)