A raffle offers a first prize of $500 and 3 second prizes of $70 each. One ticket costs $1, and 500 tickets are sold. Find the expected payback for a person who buys 1 ticket. Is this a fair game? The expected payback for a person who buys 1 ticket is $ (Round to two decimal places as needed.) Is this a fair game?
A raffle offers a first prize of $500 and 3 second prizes of $70 each. One ticket costs $1, and 500 tickets are sold. Find the expected payback for a person who buys 1 ticket. Is this a fair game? The expected payback for a person who buys 1 ticket is $ (Round to two decimal places as needed.) Is this a fair game?
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
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Question
7 8.5
A raffle offers a first prize of $500 and 3
second prizes of $70
each. One ticket costs $1, and
second prizes of $70
each. One ticket costs $1, and
500 tickets are sold. Find the expected payback for a person who buys 1 ticket. Is this a fair game?
The expected payback for a person who buys 1 ticket is
$
(Round to two decimal places as needed.)
Is this a fair game?
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