Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Five thousand tickets are sold at $1 each for a charity raffle. Tickets are to be drawn at random and monetary prizes awarded as follows:

image text in transcribed
Five thousand tickets are sold at $1 each for a charity raffle. Tickets are to be drawn at random and monetary prizes awarded as follows: 1 prize of $700, 3 prizes of $200, 5 prizes of $10, and 20 prizes of $5. What is the expected value of this raffle if you buy 1 ticket? a. Let X be the random variable for the amount won on a single raffle ticket. Complete the payoff table for the random variable X. (Enter the net amount won in decreasing order.) (Type probabilities as decimals.) b. E(X) = $ (Round to the hundredths place if necessary.)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Algebra And Trigonometry, Enhanced

Authors: Cynthia Y Young

4th Edition

1119320860, 9781119320869

More Books

Students also viewed these Mathematics questions

Question

1. How might volunteering help the employer and the employee?

Answered: 1 week ago