Question

Raffle tickets. One thousand raffle tickets are sold for $1 each. One prize of $800 is to be award
a)Rena Condos purchases one ticket. Determine her expected value.
b) Determine the fair price of a ticket.

Answer 1

The probabilities are 1/1000 and 999/1000
Multiplying and add you get:
800(1/1000)+x(999/1000) = 0
800 + 999x = 0
x = -(800/999) dollars
x = -0.80 dollars
The price to play should be 80 cents.

Answer 2

http://www.algebra.com/algebra/homework/Probability-and-statistics/Probability-and-statistics.faq.question.126791.html

Answer 3

that helps

Answer 4

thanks Lexussmi is that the answer!

Answer 5

yeah

Answer 6

thanks u so much!

Answer 7

welcome