Question

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?

Solutions

Expert Solution

I HOPE THIS ANSWER IS HELPFULL TO YOU......IF YOU HAVE ANY QUERY ASK ME IN THE COMMENT BOX,I AM HERE TO HELPS YOU.

**PLEASE GIVE ME "LIKE".....ITS VERY IMPORTANT FOR,ME......PLEASE SUPPORT ME .......THANK YOU

orchestra answered 3 years ago
Next > < Previous

Related 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:
ADVERTISEMENT
Subjects
ADVERTISEMENT
Latest Questions
ADVERTISEMENT