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A buyer is planning to purchase a franchise to sell decorations for the home. The table to the right shows average weekly profits, rounded to the nearest hundred, for a number of the current franchises. If the buyer were to purchase a franchise, what would the expected weekly profit be? The expected weekly profit is dollars. (Round to the nearest cent as needed.) Weekly Profit 100 dollars 200 dollars 300 dollars 400 dollars 500 dollars 600 dollars C Number Who Earned This 15 8 21 8 3

A buyer is planning to purchase a franchise to sell decorations for the home. The table to the right shows average weekly profits, rounded to the nearest hundred, for a number of the current franchises. If the buyer were to purchase a franchise, what would the expected weekly profit be? The expected weekly profit is dollars. (Round to the nearest cent as needed.) Weekly Profit 100 dollars 200 dollars 300 dollars 400 dollars 500 dollars 600 dollars C Number Who Earned This 15 8 21 8 3

Algebra and Trigonometry (MindTap Course List)
Algebra and Trigonometry (MindTap Course List)
4th Edition
ISBN:9781305071742
Author:James Stewart, Lothar Redlin, Saleem Watson
Publisher:James Stewart, Lothar Redlin, Saleem Watson
Chapter14: Counting And Probability
Section14.CR: Chapter Review
Problem 9CC: a Suppose that a game gives payouts a1,a2,...,an with probabilities p1,p2,...pn. What is the...
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Six hundred chances are sold at $3 apiece for a raffle. There is a grand prize of $700, two second prizes of $250, and five third prizes of $150. First calculate the expected value of the lottery. Determine whether the lottery is a fair game. If the game is not fair, determine a price for playing the game that would make it fair. The expected value of the game is $. (Type an integer or a decimal. Round to the nearest cent.)
Transcribed Image Text:Six hundred chances are sold at $3 apiece for a raffle. There is a grand prize of $700, two second prizes of $250, and five third prizes of $150. First calculate the expected value of the lottery. Determine whether the lottery is a fair game. If the game is not fair, determine a price for playing the game that would make it fair. The expected value of the game is $. (Type an integer or a decimal. Round to the nearest cent.)
A buyer is planning to purchase a franchise to sell decorations for the home. The table to the right shows average weekly profits, rounded to the nearest hundred, for a number of the current franchises. If the buyer were to purchase a franchise, what would the expected weekly profit be? The expected weekly profit is dollars. (Round to the nearest cent as needed.) Weekly Profit 100 dollars 200 dollars 300 dollars 400 dollars 500 dollars 600 dollars C Number Who Earned This 15 8 21 8 3
Transcribed Image Text:A buyer is planning to purchase a franchise to sell decorations for the home. The table to the right shows average weekly profits, rounded to the nearest hundred, for a number of the current franchises. If the buyer were to purchase a franchise, what would the expected weekly profit be? The expected weekly profit is dollars. (Round to the nearest cent as needed.) Weekly Profit 100 dollars 200 dollars 300 dollars 400 dollars 500 dollars 600 dollars C Number Who Earned This 15 8 21 8 3
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