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
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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..
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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
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what is expected value?::E(x) = (98 + 48 + 23 + 497*-2]/500 = -825/500= -$1.65
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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
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Cheers,
Stan H.
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