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.
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.
Chapter8: Sequences, Series,and Probability
Section8.7: Probability
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Transcribed Image Text: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.
x → Net Win or Loss P(x) → Probability
Win
+ + $
Lose
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
lose + $
4. What is the standard deviation?
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