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Mathematics 22 Online
OpenStudy (anonymous):

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

OpenStudy (anonymous):

Expected value is $.80. Therefore a fair price of a ticket should be $.80.

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