One thousand raffle tickets are sold for $3 each. Three prizes will be awarded, one for $ 500 and two for $200. Assume that the probability that any given ticket is selected for the $ 500 prize is 1/1,000, and the probability that any given ticket is selected for a $200 prize is 2/1,000. Winners do not have their ticket costs of $3 refunded to them. Jennifer purchases one of these tickets. Complete parts (a) and (b) below.

a) Determine Jennifer's expected value.

(Type an integer or a decimal rounded to the nearest hundredth as needed.)

B) Determine the fair price of the ticket. (Type an integer or a decimal rounded to the nearest hundredth as needed.)