AIR MATH

Math Question

Four thousand raffle tickets are sold for \( \$ 4 \) each. Three prizes will be awarded, one for \( \$ 1,500 \) and two for \( \$ 750 \). Assume that the probability that any given ticket is selected for the \( \$ 1,500 \) prize is \( \frac{1}{4,000} \) and the probability that any given ticket is selected for a \( \$ 750 \) prize is \( \frac{2}{4,000} \). Winners do not have their ticket costs of \( \$ 4 \) refunded to them. Jennifer purchases one of these tickets. Complete parts (a) and (b) below. (a) Determine Jennifer's expected value. \( \$ \square \) (Type an integer or a decimal rounded to the nearest hundredth as needed.) (b) Determine the fair price of a ticket. \( \$ \square \) (Type an integer or a decimal rounded to the nearest hundredth as needed.)

Solution

solution

AIR MATH homework app,
absolutely FOR FREE!

  • AI solution in just 3 seconds!
  • Free live tutor Q&As, 24/7
  • Word problems are also welcome!
appstoreplaystore

Scan the QR code below
to download AIR MATH!

qrcode