A nonprofit organization sells chances for a $78,000 classic Mustang at $100 per ticket. It sells 1500 tickets and offers four prizes, summarized in the table, What are the expected winnings (or los for each ticket? (Round your answer to the nearest cent.) Prizes Amount First $78,000 Second 7,200 Third 3,100 Fourth 1,700 There is an expectec v---Select--- winning

Q: Lisa asked students in two classes to name their favorite school subject. She summarized her survey…

A: Independent events are those events whose probability is not influenced by the occurrence or…

Q: The Safe Grad Committee at the high school is selling tickets on a Christmas Basket filled with…

A: Prize =1200 No: of tickets=500 Expected value of a ticket=1200/500=$2.4

Q: Brandybuck Insurance Company (BIC) is deciding whether to insure the lives of those leading a quest…

A: Given, Probablity of surviving is 96.9%.  Premium charged by BIC is 8416 silver coins. Death benifit…

Q: An American roulette wheel has 38 spaces and if a player wins they keep their bet. Suppose that a…

A:

Q: Compute the expected value of a $25 bet on a four-number “square” in Roulette from the viewpoint of…

A: There are 4 numbers and one number is the winning number.  So, the probability of winning = 1/4…

Q: nas a 40% chance to make the deal at the second appointment, from which, if successful, he can make…

A:

Q: 10) Susan bought a raffle ticket for $8. There is 1 first prize drawing worth $800 and 8 second…

A: (a) Susan's odd for winning a second place prize = Number of second place prizes Total tickets…

Q: (b) If 15 separate inquiries are made about rooms, what is the expected number of inquiries that…

A: The owners of a motel in Florida have noticed that in the long run, about 40% of the people who stop…

Q: You have 4 quarters and 2 dimes in your pocket. You draw two out at random. What is the expected…

A:

Q: A person buys a raffle ticket for $20. 500 tickets are sold. One winner is chosen and receives…

A:

Q: In the game of​ roulette, a player can place a ​$8 bet on the number 22 and have a 138…

A:

Q: Akwasi is considering investing in either Real Estate or Shopping mall, a market survey revealed the…

A: The expected returns for Real Estate: From the given information, Returns(x) Probability(p) x*p…

Q: When you bet $5 on the number 7 in roulette at a typical casino, you have a 37/38 probability of…

A: We know that the expected value E(X) for a discrete variable X is given by  E(X)=∑ixiP(xi)  where X…

Q: Brandybuck Insurance Company (BIC) is deciding whether to insure the lives of those leading a quest…

A: Given Data: Probability of surviving=0.865 Probability of death=1-0.865=0.135 Premium=7905 Death…

Q: Brandybuck Insurance Company (BIC) is deciding whether to insure the lives of those leading a quest…

A: Given that, Probability of surviving = P(Surviving) = 89.8% = 89.8 ÷ 100 = 0.898 Probability of…

Q: According to the tables used by insurance companies, a 39-year old woman has a 0.163% chance of…

A:

Q: A used-car dealer gets complaints about his cars as shown in the table. Number of complaints per day…

A: Given that  Probability distribution  X 0 1 2 3 4 5 6 P(x) 0.01 0.05 0.16 0.28 0.3 0.14 0.06

Q: Brandybuck Insurance Company (BIC) is deciding whether to insure the lives of those leading a quest…

A: Given: BIC charges a premium = 6591 silver coins. BIC pay a death benefit = 47460 The probability of…

Q: You have 3 quarters and 4 dimes in your pocket. You draw two out at random. What is the expected…

A:

Q: expected value

A: Let X be the random variable representing the number of policies sold by the salesperson. The…

Q: Find the expected value (for the participants) for lottery with 4000 sold tickets by price $50.00…

A: Given data is : 4000 ticket Price per ticket is $50.00 One winning ticket is $12000

Q: Consider the following scenario. the twelve-number bet (a) Find the expected value of each $1 bet…

A: In roulette, there are 3 columns having 12 numbers each and a 0 and a 00 block. In total, there are…

Q: You have 3 quarters and 2 dimes in your pocket. You draw two out at random. What is the expected…

A: 1 quarter = 25 cent 1 dime= 10 cent Three cases can happen.  we can get 1) 2 quarters, 2) 1 quarter,…

Q: One thousand tickets are sold at $1 each for four prizes of $100, $50, $25, and $10. What is the…

A: Introduction: Denote the random variable X as the amount of win on purchasing one ticket, and p (x)…

Q: In the game of roulette, a player can place a $5 bet on the number 9 and have a an probability of…

A: P(winning) = 1/38 Amount on winning = 175 P(loss) = 1-1/38 = 37/38 Amount on losing = -5

Q: In the game of​ roulette, a player can place a ​$10 bet on the number 1 and have a 1/38 probability…

A: We have to find expected value of game.

Q: In the game of roulette, a player can place a $4 bet on the number 32 and have a probability of…

A:

Q: Brandybuck Insurance Company (BIC) is deciding whether to insure the lives of those leading a quest…

A:

Q: The prizes that can be won in sweepstakes are as​ follows: $70​ (1/40 chance),​ $20 (9/40​ chance).…

A: Let x be the profit of prizes that can be won in sweepstakes. The entry cost is $10. From the…

Q: 5) A Booster club sells $6 tickets for chance to win a $300 TV, a $75 cell phone, or eight $25 cash…

A:

Q: Brandybuck Insurance Company (BIC) is deciding whether to insure the lives of those leading a quest…

A: Probability of surviving a quest is 86.4% Charge of premium = 7014 silver coins pay death benefit =…

Q: A used-car dealer gets complaints about his cars as shown in the table. Number of complaints per day…

A: Given data is No. of complaints per day 0 1 2 3 4 5 6 probability  0.01 0.05 0.16 0.28 0.3 0.14…

Q: A store manager wants to determine if there is a relationship between the day of sale and the price…

A:

Q: Brandybuck Insurance Company (BIC) is deciding whether to insure the lives of those leading a quest…

A:

Q: Use the basic concepts of probability to identify the following. {Probability, Probability…

A: Probability gives the chance of occurrence of an event and its values can be from 0 to 1. For…

Q: Find the expected value for a person that buys one ticket

A: Expected value = number of required/ number of total

Q: A used-car dealer gets complaints about his cars as shown in the table. Number of complaints per day…

A: Introduction: A random variable, sometimes abbreviated as X, is a variable whose potential values…

Q: In a certain school, the probabilities of the number of students who are reported tardy are shown in…

A: We want to find expected number of tardies.

Q: Brandybuck Insurance Company (BIC) is deciding whether to insure the lives of those leading a quest…

A: Given data

Q: In the game of​ roulette, a player can place a ​$8 bet on the number 1 and have a 1/38 probability…

A: Let 'x' represent amount gained or lose by a player .Expected value of the player can gain or lose…

Q: If the publishing company has a total of 280 sales representatives, what is the expected bonus that…

A: The given data is, X P(X) X*P(X) 24000 0.11 2640 13000 0.35 4550 6000 0.12 720 Total 1…

Q: At a major credit card bank, the percentages of people who historically apply for the Silver, Gold,…

A: The null and alternative hypothesis is,   The expected number of customers applying…

Q: You draw and keep a single coin from a bowl that contains 12 pennies, 9 dimes, and 20 quarters. What…

A: The given information is that the bowl contains the12 pennies, 9 dimes, and 20 quarters.It is known…

Q: Brandybuck Insurance Company (BIC) is deciding whether to insure the lives of those leading a quest…

A: Given that, Probability of surviving = P(Surviving) = 95.8% = 95.8 ÷ 100 = 0.958 Probability of…

Q: The probability for the number of free throws that Michael makes in a game is given below. Find the…

A: Number of free throws made,n 5 10 4 8 P(N=n) 0.10 0.30 0.05 0.55

Q: Brandybuck Insurance Company (BIC) is deciding whether to insure the lives of those leading a quest…

A: The probability of surviving a quest is 0.892.

Q: Brandybuck Insurance Company (BIC) is deciding whether to insure the lives of those leading a quest…

A: THE EXPLANATION HAS BEEN GIVEN IN THE ATTACHED FILE.

Q: Brandybuck Insurance Company (BIC) is deciding whether to insure the lives of those leading a quest…

A: Given information Probability of surviving the quest = 0.883Amount charged by the company = 8804…

Q: In the game of roulette, a player can place a $5 bet on the number 7 and have a 1/38 probability of…

A: E[x] = ∑xP(x) P(x) = 1/38 , x = 175  and....

Q: Brandybuck Insurance Company (BIC) is deciding whether to insure the lives of those leading a quest…

A: We make a table using the given information. Payment 0 49,518 Probability 95.5%=0.955…

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.