Four hundred chances are sold at ​$4 apiece for a raffle. There is a grand prize of ​$450​, two second prizes of ​$275​,

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answerhappygod
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Four hundred chances are sold at ​$4 apiece for a raffle. There is a grand prize of ​$450​, two second prizes of ​$275​,

Post by answerhappygod »

Four hundred chances are sold at ​$4 apiece for a raffle.
There is a grand prize of ​$450​, two second prizes of ​$275​, and
five third prizes of ​$100.
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.)
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
F if the game is​ fair.)
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