13.) Raffle Tickets. Three thousand raffle tickets are sold for $4.00 each. Three prizes are awarded: one for $3000 and two for $1500. Assume that the probability that any given ticket is selected for the $3000 prize is 1/3000 and the probability that any given ticket is selected for the $1500 prize is 2/3000. Jeremy Sharp purchases one of these tickets. a.) Determine his expected value b.) Determine the fair price of a ticket.
13.) Raffle Tickets. Three thousand raffle tickets are sold for $4.00 each. Three prizes are awarded: one for $3000 and two for $1500. Assume that the probability that any given ticket is selected for the $3000 prize is 1/3000 and the probability that any given ticket is selected for the $1500 prize is 2/3000. Jeremy Sharp purchases one of these tickets. a.) Determine his expected value b.) Determine the fair price of a ticket.
A First Course in Probability (10th Edition)
10th Edition
ISBN:9780134753119
Author:Sheldon Ross
Publisher:Sheldon Ross
Chapter1: Combinatorial Analysis
Section: Chapter Questions
Problem 1.1P: a. How many different 7-place license plates are possible if the first 2 places are for letters and...
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