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Question Id : 3926 | Context :NIMCET 2019

Question

If a man purchases a raffle ticket, he can win a first prize of Rs.5,000 or a second prize of Rs.2,000 with probabilities 0.001 and 0.003 respectively. What should be a fair price to pay for the ticket?

🎥 Video solution / Text Solution of this question is given below:

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