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 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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Statistics

Advanced Topics in Statistics

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