PROJECT: GEN. ED. ASSESSMENT - RAFFLE PROBLEM Course: Math 0342/1342 Name: LEAVE THIS BLANK, PLEASE! Students Will Demonstrate: Communication Empirical and Quantitative Reasoning Critical Thinking Setting/Background A charity organization hosts a raffle drawing at a fund-raising 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. Task 1: 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). Use the table below to construct a probability distribution for all the possible outcomes for the random variable X and their probabilities: x (Net Gain) P(X = x) Task 2: Find the mean/expected value of X. Round to at least two decimal places. (You may want to paste your excel table here.) Answer: Task 3: In complete sentences, describe the interpretation of what your expected value (task 2) represents in the context of this raffle