Use the following statement to answer parts a) and b). Five

Last updated: 7/25/2022

Use the following statement to answer parts a) and b). Five hundred raffle tickets are sold for $3 each. One prize of $500 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.