I need to know how to find the product of the probability of winning the 500.00 prize if 5000 tickets are sold for 1.00 each. The fair price would be the price that would make the expectation equal...
I need to know how to find the product of the probability of winning the 500.00 prize if 5000 tickets are sold for 1.00 each. The fair price would be the price that would make the expectation equal...