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What would be the fair price to pay for a chance to draw a ball from the box?

What would be the fair price to pay for a chance to draw a ball from the box?

MATLAB: An Introduction with Applications
MATLAB: An Introduction with Applications
6th Edition
ISBN:9781119256830
Author:Amos Gilat
Publisher:Amos Gilat
Chapter1: Starting With Matlab
Section: Chapter Questions
Problem 1P
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The organizing committee of a high school reunion placed 150 balls inside a box. Ten of the balls are red, five are blue, one is gold, and the rest are white. A player has a chance to draw one ball from the box. A red ball will let a player win 500 pesos, a blue ball will let a player win 1000 pesos, and the single gold ball will let a player win 5000 pesos. A player doesn't get anything if he gets a white ball. What would be the fair price to pay for a chance to draw a ball from the box? Note: Do not indicate the peso sign. Express your answer to the nearest centavo. Answer: Add your answer
Transcribed Image Text:The organizing committee of a high school reunion placed 150 balls inside a box. Ten of the balls are red, five are blue, one is gold, and the rest are white. A player has a chance to draw one ball from the box. A red ball will let a player win 500 pesos, a blue ball will let a player win 1000 pesos, and the single gold ball will let a player win 5000 pesos. A player doesn't get anything if he gets a white ball. What would be the fair price to pay for a chance to draw a ball from the box? Note: Do not indicate the peso sign. Express your answer to the nearest centavo. Answer: Add your answer
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