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OpenStudy (anonymous):
Raffle Tickets Ten thousand raffle tickets are sold for $5 each. Four prizes will be awarded: one for $5000, one for $2500, and two for $1000. Assume that the probability that any given ticket is selected for the $5000 prize is the probability that any given ticket is selected for the $2500 prize is and the probability that any given ticket is selected for a $1000 prize is . Sidhardt purchases one of these tickets. a) Determine his expected value. 2/1000 b) Determine the fair price of a ticket. $0.95
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