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

The boiling point of water at an elevation of 0 feet is 212 degrees fahrenheit (°f). for every 1,000 feet of increase in elevation, the boiling point of water decreases by about 2°f. which of the following represents this relationship if b is the boiling point of water at an elevation of e thousand feet? a) e = 2b - 212 b) b = 2e - 212 c) e = -2b + 212 d) b = -2e + 212