Question

In: Math

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

Solutions

Expert Solution


Related Solutions

1. Suppose a raffle costs $4 to buy a ticket. there are 100 tickets and you buy one ticket. what is your expected winning if the following prizes are awarded:
  1. Suppose a raffle costs $4 to buy a ticket. there are 100 tickets and you buy one ticket. what is your expected winning if the following prizes are awarded: one first prize: $80 two second prizes of $40 twenty third prizes of $8 2. a student estimates that for each question of a ten question true/false test, he has about a 75% chance of getting the answer right. what are his chances of passing the test with a...
One state lottery has 1,100 prizes of $1; 135 prizes of $10; 15 prizes of $50;...
One state lottery has 1,100 prizes of $1; 135 prizes of $10; 15 prizes of $50; 5 prizes of $310; 2 prizes of $1,150; and 1 prize of $2,500. Assume that 22,0000 lottery tickets are issued and sold for $1. Round final answer to four decimals. 1. What is the lottery's expected profit per ticket? 2. What is the lottery's standard deviation of profit per ticket?
One state lottery has 1,100 prizes of $1; 120 prizes of $10; 30 prizes of $50;...
One state lottery has 1,100 prizes of $1; 120 prizes of $10; 30 prizes of $50; 5 prizes of $285; 2 prizes of $1,180; and 1 prize of $2,400. Assume that 34,000 lottery tickets are issued and sold for $1. Round to 4 decimal places for the answers What is the lottery's expected profit per ticket? What is the lottery's standard deviation of profit per ticket?
One state lottery has 1,000 prizes of $1; 130 prizes of $10; 20 prizes of $55;...
One state lottery has 1,000 prizes of $1; 130 prizes of $10; 20 prizes of $55; 5 prizes of $300; 2 prizes of $1,010; and 1 prize of $2,500. Assume that 31,000 lottery tickets are issued and sold $1 What is the lottery's expected profit per ticket? What is the lottery's standard deviation of profit per ticket?
Someone sells 2000 tickets for $1 each. Prizes are awarded of one $100, four $50, and...
Someone sells 2000 tickets for $1 each. Prizes are awarded of one $100, four $50, and eight $25. Find the expected value if you purchase 1 ticket. Your expected value should end up negative since there are way more chances to not win than to win one of the prizes. Expected value is calculated by multiplying every possible outcome by its probability and then adding those products. Let's break this down. a) In this case there are 2000 outcomes. How...
B. MONOPOLY A corporation buys up all the individual one-person businesses and operates them as one...
B. MONOPOLY A corporation buys up all the individual one-person businesses and operates them as one corporation. The individuals work for the corporation as employees. There is now one corporation (Washington Physical Therapy Company) providing this service to everyone in the metropolitan area.   Technology and the actual services do not change. For the Corporation: Fixed cost per day: $4,000 (this is 100 times $40) Variable cost per day for the Company (travel, supplies, etc.) based on existing operations of all...
The analysis of the 10 types of Innovation – Individual Project You have to choose one...
The analysis of the 10 types of Innovation – Individual Project You have to choose one of these industries Fashion Industry Sport Industry Information Technology Industry Food & Beverage Industry Education Industry Transportation industry (Car, Motorcycle etc.) Hotel & Tourism Industry Household Industry (Furniture / Kitchen etc.) Consumer products (e.g., Shampoo, Bath etc.) Please analyze the selected business with 10 Types of Innovation You have to select the most innovative business case from the selected industry Please give the detailed...
Suppose a firm is expected to increase dividends by 10% in one year and by 15%...
Suppose a firm is expected to increase dividends by 10% in one year and by 15% in year two. After that, dividends will increase at a rate of 7% per year indefinitely. If the last dividend was $2 and the required return is 12%, what is the price of the stock?
Suppose a firm is expected to increase dividends by 10% in one year and by 15%...
Suppose a firm is expected to increase dividends by 10% in one year and by 15% in year two. After that, dividends will increase at a rate of 7% per year indefinitely. If the last dividend was $2 and the required return is 12%, what is the price of the stock?
Problem 10-15 Island Airlines Inc. needs to replace a short-haul commuter plane on one of its...
Problem 10-15 Island Airlines Inc. needs to replace a short-haul commuter plane on one of its busier routes. Two aircraft are on the market that satisfy the general requirements of the route. One is more expensive than the other but has better fuel efficiency and load-bearing characteristics, which result in better long-term profitability. The useful life of both planes is expected to be about seven years, after which time both are assumed to have no value. Cash flow projections for...
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT