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Qn #1817
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A and B throw a die in succession to win a bet with A starting first.
Whoever throws ‘1’ first wins Rs. 110.
What are the respective expectations of A and B?
Qn #1071
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?