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StatisticsQ&A LibraryAt a Raffle, 1000 tickets are sold at $5 each. There are 20 prizes of $100, and 1 grand prize of $2000. Suppose you buy one ticket. Let the random Variable X represent your net gain (remember that the net gain should include the cost of the ticket) after playing the game once. Question: What ticket price (rounded to two decimal places) would make it a fair game?Question

Asked Nov 25, 2019

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At a Raffle, 1000 tickets are sold at $5 each. There are 20 prizes of $100, and 1 grand prize of $2000. Suppose you buy one ticket. Let the random Variable *X *represent your net gain (remember that the net gain should include the cost of the ticket) after playing the game once.

Question: What ticket price (rounded to two decimal places) would make it a fair game?

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According to the provided data, 1000 tickets are sold for $5 each. There are 20 prizes of $100 and 1 grand prize of $2...

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