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1500 raffle tickets are sold for $8 each. One prize of $100 is to be awarded. (a) Determine a contestants expected value. Answer for part

1500 raffle tickets are sold for $8 each. One prize of $100 is to be awarded. (a) Determine a contestants expected value. Answer for part 1 -7.92 (b) Determine the fair price of a ticket

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