Four thousand raffle tickets are sold for $1 each. Three prizes will be awarded, one for $1,500 and ...

  

Four thousand raffle tickets are sold for $1 each. Three prizes will be awarded, one for $1,500 and two for $750. Assume that the probability that any given ticket is selected for the $1,500 prize is 1/4,000 and the probability that any ticket is selected for a $750 prize is 2/4,000. Jennifer purchases one of these tickets.

(a) Determine Jennifer’s expected value. (type an integer or a decimal rounded to the nearest hundredth as needed.)

(b) Determine the fair price of a ticket. (type an integer  or a decimal rounded to the nearest hundredth as needed.)