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Use the following statement to answer parts a) and b). Five hundred raffle tickets are...

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Use the following statement to answer parts a) and b). Five hundred raffle tickets are sold for $3 each. One prize of $500 is to be awarded. Winners do not have their ticket costs of $3 refunded to them. Raul purchases one ticket.a) Determine his expected value.b) Determine the fair price of a ticket.

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