1. One thousand raffle tickets are sold for $5 each. Three prizes will be awarded, one for $500 and two for $200. Assume that the probability that any given ticket is selected for the $500 prize is 00 and the probability that anw given ticket is selected for a $200 prize is Winners do not have their ticket costs of $5 refunded to them. Jennifer purchases one of these tickets. Complete parts (a) and (b) below. 1,000 (a) Determine Jennifer's expected value $Type an integer or a decimal rounded to the nearest hundredth as needed.) (b) Determine the fair price of a ticket. $Type an integer or a decimal rounded to the nearest hundredth as needed.)
1. One thousand raffle tickets are sold for $5 each. Three prizes will be awarded, one for $500 and two for $200. Assume that the probability that any given ticket is selected for the $500 prize is 00 and the probability that anw given ticket is selected for a $200 prize is Winners do not have their ticket costs of $5 refunded to them. Jennifer purchases one of these tickets. Complete parts (a) and (b) below. 1,000 (a) Determine Jennifer's expected value $Type an integer or a decimal rounded to the nearest hundredth as needed.) (b) Determine the fair price of a ticket. $Type an integer or a decimal rounded to the nearest hundredth as needed.)
MATLAB: An Introduction with Applications
6th Edition
ISBN:9781119256830
Author:Amos Gilat
Publisher:Amos Gilat
Chapter1: Starting With Matlab
Section: Chapter Questions
Problem 1P
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