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Suppose That a Raffle Ticket Costs $10 and Has a Jackpot

Question 64

Multiple Choice

Suppose that a raffle ticket costs $10 and has a jackpot of $2,500. For this raffle to be considered a fair gamble, the probability of not winning must be:


A) 40 percent.
B) 60 percent.
C) 96 percent.
D) 99.6 percent.
E) 99.96 percent.

Correct Answer:

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