what is a fair price to pay for 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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Probability and Statistics 

please providea correct and well explained solution for the following  

In a lottery there are 200 prizes of $5, 20 prizes of $25, and 5 prizes of $100. Assuming that
10,000 tickets are to be issued and sold, what is a fair price to pay for a ticket?
Transcribed Image Text:In a lottery there are 200 prizes of $5, 20 prizes of $25, and 5 prizes of $100. Assuming that 10,000 tickets are to be issued and sold, what is a fair price to pay for a ticket?
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