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At a raffle, 1000 tickets are sold at $5 each.There are 20 prizes of $25, 5 prizes of $100, and 1 grand prize of $2000.
At a raffle, 1000 tickets are sold at $5 each.There are 20 prizes of $25, 5 prizes of $100, and 1 grand prize of $2000. Suppose you buy one ticket.
Let the random variableXrepresent your net gain (remember that the net gain should include the cost of the ticket) after playing the game once.
1.What ticket price (rounded to two decimal places) would make it a fair game?
how do you explain the question above?
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