5. If a man purchases a raffle ticket. He can win a first prize of $5000 or a second prize of $2000 with probabilities 0.001 and 0.003. What should be a fair price pat for the ticket. Choices: $15 $11 $5 $6

5. If a man purchases a raffle ticket. He can win a first prize of $5000 or a second prize of $2000 with probabilities 0.001 and 0.003. What should be a fair price pat for the ticket. Choices: $15 $11 $5 $6

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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Question

5. If a man purchases a raffle ticket. He can win a first prize of $5000 or a second prize of $2000 with probabilities 0.001 and 0.003. What should be a fair price pat for the ticket.

Choices:

$15

$11

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