43. A man buying a raffle ticket can win a first prize of P15,000 or a second prize of P12,000 with probabilities of 002% and
43. A man buying a raffle ticket can win a first prize of P15,000 or a second prize of P12,000 with probabilities of 002% and .0015%, respectively. Determine the fair price to pay for the ticket. (The fair price is equivalent to the Expected Value).0.50 b. 0.48 anga 1.00 0.65
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