200 raffle tickets are sold at $3 each. 1 prize of $100 is to be awarded. Raul purchases 1 ticket.
(a)determine his expected value...(b) determine the fair price of the ticket...@iambatman @mathmale ...@wio

Question

200 raffle tickets are sold at $3 each.  1 prize of $100 is to be awarded. Raul purchases 1 ticket.
(a)determine his expected value...(b) determine the fair price of the ticket...@iambatman @mathmale ...@wio

mathmale · Answer

Have you any examples to refer to, whether online, in printed materials handed out by your teacher, or in a textbook?    Generally I learn quickly from such materials, but without them, not so well.  I'm a recent retiree and as such am no longer surrounded by math books and math students!