Mathematics, 07.10.2021 01:00 sophiaa23
In a raffle each ticket(cost $5) has a chance to win 1 of 3 prizes: 1st prize is $200(probability of winning is 1 out of 500), 2nd prize is $150(probability of winning is 1 out of 500) and 3rd prize is $100(probability of winning is 5 out of 100).
a. Is this a fair game?
b. What is the expected value of each ticket?
Answers: 2
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In a raffle each ticket(cost $5) has a chance to win 1 of 3 prizes: 1st prize is $200(probability of...
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