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bussiness analysis A local club plans to invest $10000 to host a baseball game. They expect to sell tickets worth $24321. But if it rains
bussiness analysis
A local club plans to invest $10000 to host a baseball game. They expect to sell tickets worth $24321. But if it rains on the day of game, they won't sell any tickets and the club will lose all the money invested. If the weather forecast for the day of game is 20% possibility of rain, what is the expected value of investing in the baseball game? At the camival, we found a bean bag toss booth. There's a 0.61 probabality of throwing the bean bag into the outer ring, a 0.15 probablity of throwing it into the middle ring, and the remaining probability throwing it into the center of the target. Tickets are awarded depending on which ring the bean bag lands in. We get 1 ticket for the outer ring, 2 tickets for the middle ring, and 3 tickets for the center. What is the expected value (number of tickets) we will get if we play the game 10 times? Answer format: Number: Round to: I decimal places Step by Step Solution
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