In a raffle, one ticket costs $3.00. There is a 0.002 chance of winning $500, a...
In a raffle, one ticket costs $3.00. There is a 0.002 chance of winning $500, a 0.004 chance of winning $200, and a 0.006 chance of winning $100. Find the expected profit from buying one ticket? Create an appropriate table to answer this question in excel.
| x | P(x) | xP(x) |
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In a raffle, one ticket costs $3.00. There is a 0.002 chance of
winning $500, a...
QUESTION 24 If a lottery ticket costs $5 and there is a 0.002 chance of winning...
QUESTION 24 If a lottery ticket costs $5 and there is a 0.002 chance of winning $1000, what is the expected value of the lottery? O A $2 O B. -$5 QUESTION 25 Which of the following situations WOULD NOT represent a binomial application? O A Choosing a card randomly from a standard deck and noting its color (remember color has only two outcomes black or red) O B. Choosing a card randomly from a standard deck and noting whether...
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 $
8.5.43 Question Help One thousand raffle tickets are sold at $1 each. Three tickets will be...
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,...
Expected Value and Fair Price. Your friend wants to sell you a raffle ticket she bought...
Expected Value and Fair Price. Your friend wants to sell you a raffle ticket she bought for 10 dollars. It is possible to win one of two prizes in the raffle: you can either win $200, or win $50 (or win nothing). 1 out of 100 (1%; .01) entrants will win $200, while 10 more people out of 100 (10%; .1) will win $50. a) Find the expected value of paying your friend 10 dollars for the raffle ticket (let...
One thousand raffle tickets are sold at $1 each. Three tickets will be drawn at random...
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.)...
one thousand raffle tickets are sold at $1 each. 3 tickets will be drawn at random...
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...
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 high school basketball team holds a fund-raiser. It sells 500 raffle tickets for $1 apiece....
A high school basketball team holds a fund-raiser. It sells 500 raffle tickets for $1 apiece. Suppose you a buy a ticket. In this raffle there is one $100 prize, two $50 prizes and five $10 prizes. a) Describe the random variable X in words. b) Construct a PDF using a table. c) If this fund-raiser is repeated often and you always purchase a ticket, what would be your expected average winnings per game? What is the standard deviation? d)...
In a raffle, you can pay $10 to select a three-digit number from 000 through 199....
In a raffle, you can pay $10 to select a three-digit number from 000 through 199. If you select the same sequence of three digits that are drawn, you win and collect $100 otherwise you get nothing. a. How many different selections are possible? b. What is the probability of winning? c. If you win, what is your net profit? d. Complete the table below to find the expected value of this raffle Event X P(X) X*P(X) Win(net gain) Lose...
9. A raffle is being held in which 2,000 tickets are sold for $10 each. There...
9. A raffle is being held in which 2,000 tickets are sold for $10 each. There is I top prize of $5,000, 4 middle prizes of $500 each, and 10 lower prizes of $100 each. All other tickets receive no prize (80). Let 3 equal the net gain/loss from buying one ticket, that is I = prize money - 10. (a) (4 points) Describe the probability distribution p(x) by filling in the chart below. जा (b) (4 points) Calculate the...
QUESTION 24 If a lottery ticket costs $5 and there is a 0.002 chance of winning $1000, what is the expected value of the lottery? O A $2 O B. -$5 QUESTION 25 Which of the following situations WOULD NOT represent a binomial application? O A Choosing a card randomly from a standard deck and noting its color (remember color has only two outcomes black or red) O B. Choosing a card randomly from a standard deck and noting whether...
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 $
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,...
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.)...
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...
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.)
9. A raffle is being held in which 2,000 tickets are sold for $10 each. There is I top prize of $5,000, 4 middle prizes of $500 each, and 10 lower prizes of $100 each. All other tickets receive no prize (80). Let 3 equal the net gain/loss from buying one ticket, that is I = prize money - 10. (a) (4 points) Describe the probability distribution p(x) by filling in the chart below. जा (b) (4 points) Calculate the...
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