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Please help me with all parts. Thank you! Q 1. A theater group holds a fund-raiser. It sells 100 raffle tickets for $5 apiece. Suppose
Please help me with all parts. Thank you!
Q 1.
A theater group holds a fund-raiser. It sells 100 raffle tickets for $5 apiece. Suppose you purchase four tickets. The prize is two passes to a Broadway show, worth a total of $150. Part (a) What are you interested in here? O the total number of raffle tickets sold the amount of winnings the price of the raffle tickets the type of fund-raiser Part (b) In words, define the Random Variable X. the total number of raffle tickets sold the amount of money made selling raffle tickets the number of passes to the Broadway show O the amount of winnings Part (c) List the values that X may take on. O -20, 130 O 1, 2, 3, 4 O 5, 130 O 0, 1, 2, ..., 100Part (d) Construct a PDF. (Round your answers to two decimal places.) X P(X = X) x . P(X = x) Loss Profit Part (e) If this fund-raiser is repeated often and you always purchase four tickets, what would be your expected average winnings per raffle? (Round your answer to two decimal places.) $A game involves selecting a card from a regular 52-card deck and tossing a coin. The coin is a fair coin and is equally likely to land on heads or tails. . If the card is a face card, and the coin lands on Heads, you win $9 . If the card is a face card, and the coin lands on Tails, you win $2 . If the card is not a face card, you lose $2, no matter what the coin shows. - Part (a) Find the expected value for this game (expected net gain or loss). (Round your answer to two decimal places.) $ Part (b) Explain what your calculations indicate about your long-term average prots and losses on this game. 0 The calculated value represents the average amount per loss that your total money will change over a large number of games. 0 The calculated value represents a xed amount that your total money will change after each game. 0 The calculated value represents the average amount per game that your total money will change over a large number of games. 0 The calculated value represents a xed amount that your total money will change after each loss. - Part (c) Should you play this game to win money? 0 Yes, because the expected value indicates an expected average gain. 0 No, because the expected value indicates an expected average lossStep by Step Solution
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