SOLUTION: The college student senate is sponsoring a spring break Caribbean cruise raffle. The proceeds are to be donated to the Samaritan Center for the Homeless. A local travel agency dona

Question 1075797: The college student senate is sponsoring a spring break Caribbean cruise raffle. The proceeds are to be donated to the Samaritan Center for the Homeless. A local travel agency donated the cruise, valued at $2000. The students sold 2646 raffle tickets at $5 per ticket.
(a) Kevin bought thirty-four tickets. What is the probability that Kevin will win the spring break cruise to the Caribbean? (Round your answer to five decimal places.)
What is the probability that Kevin will not win the cruise? (Round your answer to five decimal places.)
Expected earnings can be found by multiplying the value of the cruise by the probability that Kevin will win. What are Kevin's expected earnings? (Round your answer to two decimal places.)
How much did Kevin effectively contribute to the Samaritan Center for the Homeless? (Round your answer to two decimal places.)

Answer by jorel1380(3719) (Show Source): You can put this solution on YOUR website!
Kevin buys 34 tickets out of 2646, so his probability of winning is 34/2646, or 0.01284958. The probability that he will not win is 1-0.01284958427815570672713529856387, or 0.987150.
Kevin's expected earnings are 2000 x 0.01284958, or $25.70. Since Kevin spent 34 x 5, or $170, he effectively contributed 170-25.70 (his expected earnings), or $144.30 to the Samaritan Center. ☺☺☺☺
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