Four hundred chances are sold at $7 apiece for a raffle. There is a grand prize of $450, two second prizes of $350, and five third prizes of $150. First calculate the expected value of the lottery. Determine whether the lottery is a fair game. If the game is not fair, determine a price for playing the game that would make it fair.
The expected value of the game is $?
If the game is not fair, determine a price for playing the game that would make it fair. _____
