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Card 16 / 21:
In a lottery, there are 250 prizes of $5, 50 prizes of $25, and ten prizes of $100. Assuming that 10,000 tickets are to be issued and sold, what is a fair price to charge to break even?
Let X = the amount of money to be won on a ticket. The following table shows the PDF for X . x P ( x ) 0 0.969 5 250 10,000 = 0.025 25 50 10,000 = 0.005 100 10 10,000 = 0.001
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