Question

Math 219 Take Home Problems Unit 2: By submitting this work you must agree that all of the solutions you present are your own work. You may ask me questions, but should not ask other students about specitic solutions. 1) You are at a fund raiser and will be buying one ticket in a raffle. There are 2 raffles with different prizes. a) If you enter raffle A at the fundraiser: 8% of the players will win $35, 19% of players will win $12, and the rest of the players will win nothing. If the ticket cost $7 find the expected amount of money won or lost. b) If you enter raffle B at the fundraiser: 2% of the players will win $300, 14% of players will win S4, and the rest of the players will win nothing. If the ticket cost $15 find the expected amount of money won or lost. You must choose either raffle A or raffle B (you can't enter both). Use your answers to part a and b to explain your choice. (Hint: make sure you interpret the expected value in context using the law of large numbers). c)

Answer 1