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?

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ISBN:9780470458365
Author:Erwin Kreyszig
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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? 
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