Four hundred chances are sokd at $7 apiece for a raffle. There is a grand prize of $400, two second prizes of $300, and ive third prizes of $100 First calculate the expected value of the lottery. Determine whether the lottery is a fak game. If the game is not fair, determine a price for playing the game that would make it fai The expected value of the game is $ (Type an integer or a decimal. Round to the nearest cent) If the game is not fair, determine a price for playing the game that would make it fair (Type an integer or a decimal. Round to the nearest cent. Type Fif the game is fair)

Four hundred chances are sokd at $7 apiece for a raffle. There is a grand prize of $400, two second prizes of $300, and ive third prizes of $100 First calculate the expected value of the lottery. Determine whether the lottery is a fak game. If the game is not fair, determine a price for playing the game that would make it fai The expected value of the game is $ (Type an integer or a decimal. Round to the nearest cent) If the game is not fair, determine a price for playing the game that would make it fair (Type an integer or a decimal. Round to the nearest cent. Type Fif the game is fair)

Algebra and Trigonometry (MindTap Course List)

4th Edition

ISBN:9781305071742

Author:James Stewart, Lothar Redlin, Saleem Watson

Publisher:James Stewart, Lothar Redlin, Saleem Watson

Chapter14: Counting And Probability

Section14.CR: Chapter Review

Problem 9CC: a Suppose that a game gives payouts a1,a2,...,an with probabilities p1,p2,...pn. What is the...

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