Use the following statement to answer parts a) and b). One hundred raffle tickets are sold for $3 each. One prize of $400 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.

11.3#12

step-by-step explanation:

step-by-step explanation:

first, eliminate the parenthesis:

3

x

+

2

−

4

x

second, group like terms:

3

x

−

4

x

+

2

third, combine like terms:

(

3

−

4

)

x

+

2

→

−

1

x

+

2

→

−

x

+

2

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step-by-step explanation: