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In: Statistics and Probability
Five thousand tickets are sold at $1 each for a charity raffle. Tickets are to be...
Five thousand tickets are sold at $1 each for a charity raffle. Tickets are to be drawn at random and monetary prizes are awarded as follows: 1 prize of $800, 3 prizes of $300, 5 prizes of $40, and 20 prizes of $5. What is the expected value of this raffle if you buy 1 ticket?
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orchestra answered 2 years agoRelated Solutions
Five thousand tickets are sold at $1 each for a charity raffle. Tickets are to be...
Five thousand tickets are sold at $1 each for a charity raffle.
Tickets are to be drawn at random and monetary prizes awarded as
follows: 1 prize of $800, 3 prizes of $300, 5 prizes of $10,
and 20 prizes of $5. What is the expected value of this raffle if
you buy 1 ticket?
point) A charity holds a raffle in which each ticket is sold for $30. A total...
point) A charity holds a raffle in which each ticket is sold for
$30. A total of 10800 tickets are sold. They raffle one grand prize
which is a Mercedes Benz E350 valued at $55000 along with 5 second
prizes of Honda motorcycles valued at $8000 each. What are the
expected winnings for a single ticket
buyer? Express to at least three decimal place
accuracy in dollar form (as opposed to cents).
Answer: $
Two thousand tickets were sold for entry to the Heritage Village , generating $ 19 ,...
Two
thousand
tickets
were
sold
for
entry
to
the
Heritage
Village
,
generating
$
19
,
700
.
The
prices
of
the
tickets
were
$
5
for
children
,
$
10
for
local
adults
,
and
$
12
for
foreign
adults
.
There
were
100
more
tickets
foreign
adults
sold
than
for
local
adult
s
a
.
Derive
a
system
of
three
equations
showing
the
information
given
.
b
.
Use
퐂퐫퐚퐦퐞퐫
′
퐬
퐑퐮퐥퐞
to
find
the
number
of...
Frank, Sofia, Eldridge, and Jake are the four qualifiers for a charity raffle with two $500...
Frank, Sofia, Eldridge, and Jake are the four qualifiers for a
charity raffle with two $500 prizes. One of their names will be
drawn for the first prize then replaced, at which point the second
prize winner will be drawn. Draw a tree diagram to determine the
sample space and find the probability that (a) One person wins both
prizes. (b) There are two different winners. (c) Sofia wins at
least one prize. (d) Frank wins both prizes. (e) The...
Fred, Susan, Edward and John are all 4 qualifiers for a charity raffle with two $200...
Fred, Susan, Edward and John are all 4 qualifiers for a charity
raffle with two $200 prizes. One of their names will be drawn for
the first prize the replaced at which point the second prize winner
will be drawn. Draw a tree diagram to determine the sample space
and find the probability that:A. One person wins both prizes, B.
There are two different winners C. Susan wins at least one prize D.
Fred wins both prizes E. The two...
A charity organization hosts a raffle drawing at a fund raising event. The organization sells 2500...
A charity organization hosts a raffle drawing at a fund raising
event. The organization sells 2500 tickets at a price of $8 each.
Winning tickets are randomly selected, with 30 prizes of $100, 10
prizes of $500, and 1 grand prize of $8000. Suppose you buy one
ticket. Let the random variable X represent your net gain from
playing the game once (remember that the net gain should include
the cost of the ticket). Use the table below to help...
An individual buys 10 raffle tickets in hopes of winning one of 15 prizes to be...
An individual buys 10 raffle tickets in hopes of winning one of
15 prizes to be given away by drawing tickets without replacement.
The total number of raffle tickets sold is 168. Lt X be the number
of prizes won by the individual.
A) Find the probability the individual wins at least one
prize
B) Calculate the expected value E(X) accurate to 4 decimal
places
C) Calculate the standard deviation SD(X) accurate to 4 decimal
places
Suppose you need to sell raffle tickets to benefit the local chapter of the Red Cross....
Suppose you need to sell raffle tickets to benefit the local
chapter of the Red Cross. The raffle tickets each cost $1 and the
raffle prize is a 7 day cruise to the Bahamas. Using what you know
about the psychology of influence, state 5 specific compliance
tactics you would use to sell raffle tickets. For each compliance
tactic you mention, give a detailed description of how you would
carry out that tactic to sell raffle tickets.
1. A raffle has a prize of $ 1000, two prizes of $ 500, five prizes...
1. A raffle has a prize of $ 1000, two prizes of $ 500, five
prizes of $ 100 and 50 prizes of $ 10. If 1000 tickets are sold and
the raffle organizers intend to make a profit of $ 10 per ticket,
how much must a ticket buyer pay?
2. In a betting game, a person earns $ 800 if by tossing three
coins on the air all faces or all stamps are obtained and he pays $...
if you can save five thousand dollars in year one, five thousand and one hundred and...
if you can save five thousand dollars in year one, five thousand
and one hundred and fifty dollars in year two, and
amounts growing by 0.03 each year through year 20, the amount you
will have at the end of year 20 at 0.1 per year interest is closest
to:
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