SOLUTION: please help! been trying to make headway but am yet again at a loss..the local fire department plans to sell 500 raffle tickets for 2.00 each. first prize is 100. second prize is

Question 321833: please help! been trying to make headway but am yet again at a loss..the local fire department plans to sell 500 raffle tickets for 2.00 each. first prize is 100. second prize is 50. and third prize is 25
fill in table
gain x ______________ ___________ _____________ _____________
prob px ______________ ____________ ____________ _____________
what is expected value?
how much money would the fire dept. have left after paying out the prizes with this fund raiser?
Answer by stanbon(75887) (Show Source): You can put this solution on YOUR website!
please help! been trying to make headway but am yet again at a loss..
------------------------------------
the local fire department plans to sell 500 raffle tickets for 2.00 each.
first prize is 100. second prize is 50. and third prize is 25
fill in table
gain for the player x:..............98....48.......23....-2
probability of these gains: p(x)...1/500..1/500..1/500...497/500
------------------------------
what is expected value?::E(x) = (98 + 48 + 23 + 497*-2]/500 = -825/500= -$1.65
---------------------------
how much money would the fire dept. have left after paying out the prizes with this fund raiser?
Money taken in: 500*2 = 1000
Money paid out: 175
Money left = $825
===========================
Cheers,
Stan H.

RELATED QUESTIONS
Hello- Here is the question... Each year (365 days) the fire department receives 270... (answered by scott8148)

I am trying to help my daughter with math homework, but I am at a loss as to how to... (answered by ikleyn)

Hello, I am having a lot of trouble with this problem I really don't understand it.... (answered by richwmiller)

Ratio and Proportion 2. A new virus is released on the internet; the administrator of (answered by stanbon)

Julie has been offered a job for $400 per week. She has a second job offered for... (answered by rfer)

I am terrible at math, can you please help me? Thank you again. A saleswoman is... (answered by nerdybill)

Hi :) I've been working on this question for a few hours but nothing seems right:... (answered by MathTherapy)

my mom is trying to help me with this problem, but we are not good at it. Can you... (answered by stanbon)

I am at a loss and do not understand this Factoring. Please help me "Factor Completely"... (answered by ptaylor)