Question
I need help with this please: Original Problem: A charity organization hosts a raffle drawing at a fundraising event. The organization sells 2500 tickets at
I need help with this please:
Original Problem: A charity organization hosts a raffle drawing at a fundraising event. The organization sells 2500 tickets at a price of $8 each. Winning tickets are randomly selected, with 30 prizes of $100, 10 prizes of $500, and 1 grand prize of $8000.
Suppose you buy one ticket. Let the random variable X represent your net gain from playing the game once (remember that the net gain should include the cost of the ticket).
Current Problem:If you were organizing a raffle like this, how would you change the game (ticket prices, number of tickets, prize amounts, etc.) in order to encourage more people to purchase tickets while still raising at least
$4000 for your organization? Your response should include a short paragraph, written in complete sentences, with an explanation of the specific adjustments or changes that you would make and how these changes would encourage more people to purchase tickets.
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