For a fundraiser, 1000 raffle tickets are sold for $2 each with a chance to win $200 in c ticket. Using this information, complete the probability distribution. Enter the probabilities as fractions using / for the division bar. I Net Win or Loss P(z) Probability Win + + $ 200 0.5 Lose + $ 2 0.5 Round answers to the nearest hundredth, if necessary. 1. What is the expected value?

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
Section14.3: Binomial Probability
Problem 33E
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Raffle Fundraiser
For a fundraiser, 1000 raffle tickets are sold for $2 each with a chance to win $200 in cash. You buy 1
ticket. Using this information, complete the probability distribution.
Enter the probabilities as fractions using / for the division bar.
Net Win or Loss
P(r) Probability
Win
++S 200
0.5
Lose
+ $ 2
0.5
Round answers to the nearest hundredth, if necessary.
1. What is the expected value?
2. Is this game fair? Yes
3. The ticket cost $2, so, in the long run, you should expect to win $ 200
4. What is the standard deviation?
Check
Transcribed Image Text:Raffle Fundraiser For a fundraiser, 1000 raffle tickets are sold for $2 each with a chance to win $200 in cash. You buy 1 ticket. Using this information, complete the probability distribution. Enter the probabilities as fractions using / for the division bar. Net Win or Loss P(r) Probability Win ++S 200 0.5 Lose + $ 2 0.5 Round answers to the nearest hundredth, if necessary. 1. What is the expected value? 2. Is this game fair? Yes 3. The ticket cost $2, so, in the long run, you should expect to win $ 200 4. What is the standard deviation? Check
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