Number of tickets sold = 900
Price of the ticket = $10
X: Profit = Value of the prize - ticket price
Number of grand prize = 1 ; Value of the grand prize = $1000 : X = 1000-10 =990
Number of second prized =2 ; Value of the second prize = $500 X = 500-10 = 490
Number of third prize = 15 ; Value of the third prize = $20 ; X = 20-10=10
That is (1+2+15) 18 tickets will get prize ; Remaining : 900-18 = 882 tickets will not get any prize
IF no prize is won profit : X = -10
Probability of getting a grand prize : P(X=990) = 1/900
Probability of getting a second prize :P(X=490) = 2/900
Probability of getting a third prize ;P(X=10) = 15/900
Probability of getting no prize : P(X=-10) = 882/900
Expected value of your profit = E(X)
Expected value of your profit = -$7.44
Answer:
$-7.44
Due tri 03/13/2020 11:59 pm The student council is hosting a drawing to raise money for...
The student council is hosting a drawing to raise money for scholarships. They are selling tickets for $5 each and will sell 900 tickets. There is one $2,000 grand prize, three $400 second prizes, and eleven $30 third prizes. You just bought a ticket. Find the expected value for your profit. Round to the nearest cent. $ Hint: Expected Value Question Help: Read Message instructor
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The student council is hosting a drawing to raise money for scholarships. They are selling tickets for $9 each and will sell 700 tickets. There is one $3,000 grand prize, two $500 second prizes, and ten $10 third prizes. You just bought a ticket. Find the expected value for your profit. Round to the nearest cent.
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