Question: math problem. Use the following statement to answer parts a) and b). Five hundred raffle tickets are sold for $3 each. One prize of $200

math problem.

Use the following statement to answer parts a) and b). Five hundred raffle tickets are sold for $3 each. One prize of $200 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. a) His expected value is $ (Type an integer or a decimal.) b) The fair price of a ticket is $ .(Type an integer or a decimal.)

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