Whar are the odds for a ticket winning?  What are the odds against a ticket winning? b) What is the probability that any particular ticket will win?  Write this as a fraction, then a decimal, then a percent.  c) How would you calculate the fair price of a ticket? What is the fair price for a ticket?

College Algebra
10th Edition
ISBN:9781337282291
Author:Ron Larson
Publisher:Ron Larson
Chapter8: Sequences, Series,and Probability
Section8.7: Probability
Problem 4ECP: Show that the probability of drawing a club at random from a standard deck of 52 playing cards is...
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Raffles are gambles with computable probabilities.  Tickets are sold, and then some are chosen at random to win prizes.  Consider a raffle run by a parent teacher organization (PTO) Suppose the PTO sells 500 tickets and that they offer a prize of $1000 to one winner.

a) Whar are the odds for a ticket winning?  What are the odds against a ticket winning?

b) What is the probability that any particular ticket will win?  Write this as a fraction, then a decimal, then a percent. 

c) How would you calculate the fair price of a ticket? What is the fair price for a ticket?

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