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A local fraternity is conducting a raffle where 50 tickets are to be sold-one per customer....
Suppose 660 raffle tickets are sold for $2 each. A prize of $1,000 will be awarded...
Suppose 660 raffle tickets are sold for $2 each. A prize of $1,000 will be awarded to one of the ticketholders. Two other ticketholders will be awarded prizes of $100 each. How much should you expect to win or lose on average if you purchase one raffle ticket? Give the answer exactly or round it to two decimal places.
20,000 raffle tickets are sold one first prize of $1000 two second prices of $500 and...
20,000 raffle tickets are sold one first prize of $1000 two second prices of $500 and three thied prizes of $100 each will be awarded with all winners selected randomly. if you purchased one ticket what are your expected growth winnings .
John bought one of 200 raffle tickets for $10. The sponsors then randomly select one grand...
John bought one of 200 raffle tickets for $10. The sponsors then randomly select one grand prize worth $200, two second prizes worth $100 each, and three third prizes at $50 each. (a) Verify that this is a probability distribution. (b) Recognizing that John spent $10 to buy a ticket, determine the expected value of this raffle to him.
A raffle sells 10,000 tickets. Each ticket is sold for $50. Below is a list of...
A raffle sells 10,000 tickets. Each ticket is sold for $50. Below is a list of prizes and the number of that type of prize. 1 Grand Prize: Toyota Yaris - Value: $17,750 100 Second place prizes: Nintendo Switch with Games: $500 1000 Third Place Prizes: A Box of Frosted Lucky Charms: $4 How much money do the organizers of the event expect to make for every ticket they sell? Note: This question is asking you to find the expected...
Eight thousand raffle tickets are sold. One first prize of $1000, two second prizes of $750,...
Eight thousand raffle tickets are sold. One first prize of $1000, two second prizes of $750, and three third prizes of $200 each will be awarded, with al winners selected randomly. If you purchased one ticket, what are your expected gross winnings? The expected gross winnings are cents. (Round your answer to the nearest whole cent) le
Suppose there is a weekly raffle with 200 tickets sold each week. You play every week...
Suppose there is a weekly raffle with 200 tickets sold each week. You play every week for a year (52 weeks) and buy one ticket each time. a. If you win only three times, what was your experimental probability of winning the weekly raffle? b. What was your theoretical probability of winning each weekly raffle?
Fifty raffle tickets, each worth $5 are sold. One ticket will win $55 and two tickets...
Fifty raffle tickets, each worth $5 are sold. One ticket will win $55 and two tickets will win $15. Let X denote the gain from buying one ticket. Complete the following table: P(x) x. P(x) х 50 10 -5 Total What is the expected gain from buying one ticket? Ans: Loss of $
I buy one of 250 raffle tickets for $10. The sponsors then randomly select 1 grand...
I buy one of 250 raffle tickets for $10. The sponsors then randomly select 1 grand prize worth $300, 2 second prizes worth $120 each, and 3 third prizes worth $50 each. Below is the discrete probability distribution for this raffle. Prize P(x) Grand 1/250 Second 2/250 Third 3/250 None 244/250 (a) Recognizing that I spent $10 to buy a ticket, determine the expected value of this raffle to me as a player. Round your answer to the...
Lottery: I buy one of 250 raffle tickets for $10. The sponsors then randomly select 1...
Lottery: I buy one of 250 raffle tickets for $10. The sponsors then randomly select 1 grand prize worth $300, 2 second prizes worth $100 each, and 3 third prizes worth $50 each. Below is the discrete probability distribution for this raffle. Prize P(x) Grand 1/250 Second 2/250 Third 3/250 None 244/250 (a) Recognizing that I spent $10 to buy a ticket, determine the expected value of this raffle to me as a player. Round your answer to the nearest...
Suppose 1,250 raffle tickets are being sold for $5 each. One ticket will be chosen to...
Suppose 1,250 raffle tickets are being sold for $5 each. One ticket will be chosen to receive a cash prize of $2,500, and three tickets will be chosen to receive cash prizes of $500. Let x be the amount of money won/lost by purchasing one raffle ticket. Find the expected value for X. (Round your answer to the nearest penny. Do not include a $ sign in your answer. Your answer may be positive or negative.)
John bought one of 200 raffle tickets for $10. The sponsors then randomly select one grand prize worth $200, two second prizes worth $100 each, and three third prizes at $50 each. (a) Verify that this is a probability distribution. (b) Recognizing that John spent $10 to buy a ticket, determine the expected value of this raffle to him.
Eight thousand raffle tickets are sold. One first prize of $1000, two second prizes of $750, and three third prizes of $200 each will be awarded, with al winners selected randomly. If you purchased one ticket, what are your expected gross winnings? The expected gross winnings are cents. (Round your answer to the nearest whole cent) le
Fifty raffle tickets, each worth $5 are sold. One ticket will win $55 and two tickets will win $15. Let X denote the gain from buying one ticket. Complete the following table: P(x) x. P(x) х 50 10 -5 Total What is the expected gain from buying one ticket? Ans: Loss of $
Suppose 1,250 raffle tickets are being sold for $5 each. One ticket will be chosen to receive a cash prize of $2,500, and three tickets will be chosen to receive cash prizes of $500. Let x be the amount of money won/lost by purchasing one raffle ticket. Find the expected value for X. (Round your answer to the nearest penny. Do not include a $ sign in your answer. Your answer may be positive or negative.)
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