20,000 tickets are sold for $2 each. 3 prizes are awarded, one for $10,000 and two for $5,000. Assume that the probablity that any given ticket is selected for the $10,000 prize is 1/20,000 and the probability that any given ticket is selected for a $5,000 prize is 2/20,000. Jen purchases one of these tickets. What is her expected value? What is the fair price of the ticket?

Question

usukidoll · Answer

ummm...what -2 dollars? lol that doesn't exist

perl · Answer

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