2 3) In a raffle, 1,000 tickets are sold for $2 each. One ticket will be...
Tickets for a raffle cost $20. There were 677 tickets sold. One ticket will be randomly selected as the winner, and that person wins $1200 and also the person is given back the cost of the ticket. For someone who buys a ticket, what is the Expected Value (the mean of the distribution)? If the Expected Value is negative, be sure to include the "-" sign with the answer. Express the answer rounded to two decimal places. Expected Value =...
One thousand tickets are sold at $1 each. One ticket will be randomly selected and the winner will receive a color television valued at $382. What is the expected value for a person that buys one ticket? Round the answer to the nearest cent O A $0.62 OB - $0.62 OC $1.00 OD - $1.00
The PTO is selling raffle tickets to raise money for classroom supplies. A raffle ticket costs $4. There is 1 winning ticket out of the 110 tickets sold. The winner gets a prize worth $82. Round your answers to the nearest cent. What is the expected value (to you) of one raffle ticket? $ Calculate the expected value (to you) if you purchase 10 raffle tickets. $ What is the expected value (to the PTO) of one raffle ticket? $...
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.)
one thousand raffle tickets are sold at $1 each. 3 tickets will be drawn at random finite One thousand raffle tickets are sold at $1 each. Three tickets will be drawn at random (without replacement), and each will pay $191. Suppose you buy 5 gats. (A) Create a payoff table for 0, 1, 2, and 3 winning tickets among the 5 tickets you purchased. (If you do not have any winning tickets, you lose $5. If you have 1 winning...
At a raffle, 10,000 tickets are sold at $5 each for three prizes valued at $4,800, $1,200, and $400. What is the expected value of one ticket?
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 $
One thousand raffle tickets are sold at $1 each. Three tickets will be drawn at random (without replacement), and each will pay $198. Suppose you buy 5 tickets. (A) Create a payoff table for 0, 1, 2, and 3 winning tickets among the 5 tickets you purchased. (If you do not have any winning tickets, you lose $5, if you have 1 winning ticket, you net $193 since your initial $5 will not be returned to you, and so on.)...
A charity holds a raffle in which each ticket is sold for $25. A total of 11600 tickets are sold. They raffle one grand prize which is a Lexus GS valued at $55000 along with 6 second prizes of Kawasaki motorcycles valued at $13000 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).
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.