Homework Answers
Add Answer to:
9. A raffle is being held in which 2,000 tickets are sold for $10 each. There...
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.)
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...
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.
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 $
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 charity holds a raffle in which each ticket is sold for $25. A total of...
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).
Lottery: I buy one of 400 raffle tickets for $10. The sponsors then randomly select 1...
Lottery: I buy one of 400 raffle tickets for $10. The sponsors then randomly select 1 grand prize worth $800, then 2 second prizes worth $300 each, and then 3 third prizes worth $100 each. The selections are made without replacement. (a) Complete the probability distribution for this raffle. Give your probabilities as a decimal (rounded to 4 decimal places) or as a fraction. Outcomes P(x) Win Grand Prize Win a Second Prize Win a Third Prize Win Nothing (b)...
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...
A lottery has a $10 000 000 grand prize, a $500 000 second prize, and ten...
A lottery has a $10 000 000 grand prize, a $500 000 second prize, and ten $50 000 third prizes. A ticket costs $5, and 4 000 000 tickets were sold. a) What is the expected value of each ticket? b) Using the results of this question and of Example 3, are lottery tickets a good investment? c) How could the lottery be adjusted to make buying a ticket more attractive? Example 3: Expected Value A hospital is having a...
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.)
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 $
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 lottery has a $10 000 000 grand prize, a $500 000 second prize, and ten $50 000 third prizes. A ticket costs $5, and 4 000 000 tickets were sold. a) What is the expected value of each ticket? b) Using the results of this question and of Example 3, are lottery tickets a good investment? c) How could the lottery be adjusted to make buying a ticket more attractive? Example 3: Expected Value A hospital is having a...
Most questions answered within 3 hours.
-
You plan to save $5,700 per year for the next 10 years. After
the last deposit,...
asked 14 minutes ago -
On January 1, 2019, ABC Corp. borrowed $81,000 by signing an
installment loan. The loan will be...
asked 19 minutes ago -
Enzyme X exhibits maximum activity at pH = 5.25. X shows a sharp
decrease in its...
asked 33 minutes ago -
Postulate a reason for why so many aliphatic amino acids are
essential.
asked 32 minutes ago -
Three samples were taken of 4 different dog food bags and their
weights were recorded:
Sample/Observation...
asked 36 minutes ago -
The Beatles had 27 number one hits; a radio station asks
listeners to send in a...
asked 34 minutes ago -
Help with Java Program Please
Create a simple graph class. The graph class should have the...
asked 34 minutes ago -
Which of the following statements is true regarding the nature
of culture?
A.We are born with...
asked 55 minutes ago -
(a) 2
NO2(g) à 2
NO(g) +
O2(g)
The rate law for this reaction
is 2nd...
asked 58 minutes ago -
Write the overall reaction for the RedOx
reaction (below) when it occurs in an acidic environment....
asked 1 hour ago -
Two forces are acting on an object. Force 1 on the object is 6.0
N and...
asked 1 hour ago -
You are planning for retirement. You plan to work for 20 years.
Starting a year from...
asked 1 hour ago