Five hundred chances are sold at $7 apiece for a raffle. There is a grand prize of $650, two second prizes of $300, and five third prizes of $75. First calculate the expected value of the lottery. Determine whether the lottery is a fair game. If the game is not fair, determine a price for playing the game that would make it fair. The expected value of the game is $ (Type an integer or a decimal. Round to the nearest cent.)
Five hundred chances are sold at $7 apiece for a raffle. There is a grand prize of $650, two second prizes of $300, and five third prizes of $75. First calculate the expected value of the lottery. Determine whether the lottery is a fair game. If the game is not fair, determine a price for playing the game that would make it fair. The expected value of the game is $ (Type an integer or a decimal. Round to the nearest cent.)
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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Transcribed Image Text:Five hundred chances are sold at $7 apiece for a raffle. There is a grand prize of $650, two
second prizes of $300, and five third prizes of $75. First calculate the expected value of the lottery.
Determine whether the lottery is a fair game. If the game is not fair, determine a price for playing
the game that would make it fair.
The expected value of the game is $.
(Type an integer or a decimal. Round to the nearest cent.)
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