Question: If a man purchases a raffle ticket, he can win a first prize of Rs. 5,000 or a second prize of Rs. 2,000 with

If a man purchases a raffle ticket, he can win a first prize of Rs. 5,000 or a second prize of Rs. 2,000 with

If a man purchases a raffle ticket, he can win a first prize of Rs. 5,000 or a second prize of Rs. 2,000 with probabilities 0.001 and 0.003 respectively. What should be a fair price to pay for the ticket?

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