Question

8.5.43 Question Help One thousand raffle tickets are sold at $1 each. Three tickets will be drawn at random (without replacement), and each will pay $205. 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 $200 since your initial $5 will not be returned to you, and so on.) (B) What is the expected value of the raffle to you? (A) Let X be the random variable for the amount won on a single raffle ticket. Create a payoff table for 0, 1, 2, and 3 winning tickets among the 5 tickets you purchased. x - $5 $200 $405 $610 Pi O O O O (Type an integer or decimal rounded to eight decimal places as needed.)

Answer 1

Total 1000 raffle tickets are sold, three tickets will be given a prize for 997 tickets there will be no prize each ficket will pay $205 and net pay is 200 finding probability of atleast winning one ticket so plu) = n(u) nes W = event that you have at least one winning S ticket wa event that you have no winning ticket. plawi) en (w). 99765 8127031897929 10co5 8250251250200 mes) Trends ~0.985o6 t i e, P (W) = lap(w') propabability of winning in probabilty of not annu D is 0-93566 1.49% Creating a pay-off table. probability of exactly winning one tidet 36, * 997643840926) .. 0-4488c06 $250 29, -1000 probability of enactly winning two tickets BE 3 = 0.060059 Scanned with scanner SA 36, 9573 loooss % 164674498 8250291

prabilility exactly winning . three tickels 18.496506 3534 99762 1 cod 5 825029125020 =o00000011 of nothing is won there is loss of $5 2 . Number of winning t o icket treret - $5 $200 8405 probabilit 0985.6000001488006 ococ5983 - CODE12 & Expected value of raffle to you E(X) = { $5.X0.9850600) +(200 x 9:41485001) t (405x0.40005288) + 1610 80.0000018) =-1.9249268 = $.-2. Thank you. if you have any doubt Cs Scanned whelp you: GamScanner please let me now, now, I will