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 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?
Solutions
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 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?
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...
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:
Eight hundred chances are sold at $7 apiece for a raffle. There is a grand prize...
Eight hundred chances are sold at $7 apiece for a raffle. There
is a grand prize of $500, two second prizes of $200, and five
third prizes of $100. 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. What is the expected value of the game?
EXERCISE 1. A shop sells home computers. The numbers of computers sold in each of five...
EXERCISE
1. A shop sells home computers. The numbers of computers sold in
each of five successive years were as follows:
Year (x)
1
2
3
4
5
Sales (y)
10
30
70
140
170
Draw a scatter diagram for the data
Find the least squares regression line of y on x and fit it on
you scatter plot
The shop manager uses this regression line to predict the sales
in the following (i.e. the 6th) year. Find the predicted...
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