A community youth group is having a raffle to raise funds. Several community businesses have donated prizes. The prizes and their retail values are listed in the table below. Each prize will be given away, regardless of the number of raffle tickets sold. Tickets are sold for $19 each. Determine the expected value of a ticket, and discuss whether it would be to your financial advantage to buy a ticket under the given circumstances. (Enter your answers to two decimal places.) Prize Retail Value Number of These Prizes to Be Given Away new car $21,560 1 a cell phone and a one- year subscription $980 1 a one-year subscription to an Internet service provider $500 2 dinner for two at a local restaurant $100 2 a one-year subscription to the local newspaper $190 20 (a) 1000 tickets are sold. $ Should you buy a ticket? Yes (b) 2000 tickets are sold. $ Should you buy a ticket? No (c) 3000 tickets are sold. $ Should you buy a ticket? No
Contingency Table
A contingency table can be defined as the visual representation of the relationship between two or more categorical variables that can be evaluated and registered. It is a categorical version of the scatterplot, which is used to investigate the linear relationship between two variables. A contingency table is indeed a type of frequency distribution table that displays two variables at the same time.
Binomial Distribution
Binomial is an algebraic expression of the sum or the difference of two terms. Before knowing about binomial distribution, we must know about the binomial theorem.
A community youth group is having a raffle to raise funds. Several community businesses have donated prizes. The prizes and their retail values are listed in the table below. Each prize will be given away, regardless of the number of raffle tickets sold. Tickets are sold for $19 each. Determine the
| Prize | Retail Value | Number of These Prizes to Be Given Away |
|---|---|---|
| new car | $21,560 | 1 |
| a cell phone and a one- year subscription |
$980 | 1 |
| a one-year subscription to an Internet service provider |
$500 | 2 |
| dinner for two at a local restaurant |
$100 | 2 |
| a one-year subscription to the local newspaper |
$190 | 20 |
$
Should you buy a ticket?
(b) 2000 tickets are sold.
$
Should you buy a ticket?
(c) 3000 tickets are sold.
$
Should you buy a ticket?
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