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.
Number of tickets with no prize = 700 - 1 - 2 - 10 = 687
Hence,
Expected value of your profit
= $(3000 - 9)*1/700 + $(500 - 9)*2/700 + $(10 - 9)*10/700 - $9*687/700
= $ -3.14
The student council is hosting a drawing to raise money for scholarships. They are selling tickets...
The student council is hosting a drawing to raise money for scholarships. They are selling tickets for $10 each and will sell 800 tickets. There is one $3,000 grand prize, four $200 second prizes, and eighteen $30 third prizes. You just bought a ticket. Find the expected value for your profit. Round to the nearest cent.
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
Due tri 03/13/2020 11:59 pm The student council is hosting a drawing to raise money for scholarships. They are selling tickets for $10 each and will sell 900 tickets. There is one $1,000 grand prize, two $500 second prizes, and fifteen $20 third prizes. You just bought a ticket. Find the expected value for your profit. Round to the nearest cent. Hint: Hint Video on Expected Value 2 Points possible: 1 Unlimited attempts.
Check Answer • Question 18 B0/1 pt 55 Details The student council is hosting a drawing to raise money for scholarships. They are selling tickets for $5 each and will sell 500 tickets. There is one $1,000 grand prize, two $400 second prizes, and fourteen $30 third prizes. You just bought a ticket. Find the expected value for your profit. Round to the nearest cent. Hint: Hint Video on Expected Value C [+] Check Answer
q1: Complete the following probability distribution table: x p(x) -7 0.22 -4 0.18 -1 0.15 23 0.15 32 57 0.22 Q2: The student council is hosting a drawing to raise money for scholarships. They are selling tickets for $7 each and will sell 700 tickets. There is one $1,000 grand prize, two $300 second prizes, and eleven $30 third prizes. You just bought a ticket. Find the expected value for your profit. Round to the nearest cent.
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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...
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