1. A game is played by drawing one card at random from a standard 52-card deck. If...
Question:
1. A game is played by drawing one card at random from a standard 52-card deck. If the card is a diamond, the player wins. If the card is not a diamond, the player loses $79.
In order for this to be a fair game, when the player wins, how much should they win?
Round your answer to the nearest cent, but do not include a $ sign or the word "dollars" with your response.
2. In a raffle where 3800 tickets are sold for $2 each, one prize of $1900 will be awarded. What is the expected value of a single ticket in the raffle?
Round your answer to the nearest cent, and do not include a $ sign or the word "dollars" in your response.
3. In a box there are two prizes that are worth $4, a single prize worth $10, and a single prize worth $100. A player will reach into the box and draw one of the prizes at random. What is the fair price for this game?
Round your answer to the nearest cent, and do not include a $ sign or the word "dollars" in your response.