Is a 50/50 raffle a fair game? During a fundraiser a group sold 100 tickets for $20 each. From the $2000 earnings, half went to the only winner of the raffle and the other half went to the group. Determine the expected value for the cost or profit of the game by each ticket holder. Finally determine if the game is fair.

Q: Suppose the probability of a successful long hit is 0.4. Which approach, the short hit or the long…

A: According to the provided information, From the given information, Miguel thinks that if the long…

Q: The PTO is selling raffle tickets to raise money for classroom supplies. A raffle ticket costs $4.…

A: Given information Cost of raffle ticket=$4 There is 1 winning out of 180 ticket. Prize of winner=$62…

Q: What is the expected value? a. 2.79 O b. 1.97 O c. 2.97 o d. 1.79 How should the expected value be…

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Q: you flip a fair coin five times, and then you roll a pair of fair dice. If you get 4 or more heads…

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Q: Michael playsa game where he wins $5 if he draws an ace from a deck and loses $0.50 for all other…

A: There are 4 ace in a deck. Therefore, probability of draw an ace is=452=113. Probability of any…

Q: A construction company is planning to bid on a building contract. The bid costs the company​$1100.…

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Q: The student council is hosting a drawing to raise money for scholarships. They are selling tickets…

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Q: Sa(2) = {, n= 4 What is the expected value of the random variable x? E(x)=?

A: The probability distributive function is fxx=n+1cx3,     0≤x≤20,                  otherwise

Q: The student council is hosting a drawing to raise money for scholarships. They are selling tickets…

A: The student council is hosting a drawing to raise money for scholarships. They are selling tickets…

Q: For an outdoor concert by the city​ orchestra, concert organizers estimate that 10,000 people will…

A: The number of people will attend his concert is 5,000.

Q: In a gambling game there is a 15% chance that you will lose 10 dollars, 25% chance that you will…

A: Given Information: There is a 15% chance that you will lose 10 dollars, 25% chance that you will…

Q: A 30-year-old man pays $230 for a one-year life insurance policy with coverage of $100,000. If the…

A: From the provided information, A 30-year-old man pays $230 for a one-year life insurance policy with…

Q: What is the expected value of this game to you? Should you expect to win (or lose) an amount equal…

A: Here Given for the game of rolling two fair dice And  It is given that Odds against two Even Numbers…

Q: alottery ticket costs you $5. 10,000 lottery tickets are sold with only one ticket can win $5,000.…

A: It was stated that a lottery ticket costs $5. 10,000 lottery tickets are sold with only one ticket…

Q: w Español Carlos has a deck of 10 cards numbered 1 through 10. He is playing a game of chance.…

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Q: Leslie, a park manager, wants to determine if there are enough swings to go around in one of the…

A: The formula for mean is given by:

Q: In manufacturing integrated circuits, the yield of the manufacturing process is the percentage of…

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Q: rizes at stake are, a laptop worth Php35,000, What is the expected value of your gain? Note: Do not…

A: Given A school club is organizing a fundraising campaign by selling raffle tickets. There are 1000…

Q: Refer to the table to find the missing probability and then find the expected value. Outcome value,…

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Q: The PTO is selling raffle tickets to raise money for classroom supplies. A raffle ticket costs $5.…

A: As per bartleby guidelines only first three subparts are to be solved. Please upload other parts…

Q: Chauncey Billups, a current shooting guard for the Los Angeles Clippers, has a career free-throw…

A: Option (c) is right.

Q: A nonprofit organization sells chances for a $78,000 classic Mustang at $100 per ticket. It sells…

A: Given, Cost of ticket = 100 no of tickets = 1500 Total no of prizes = 4 Prizes Amount 1 78000…

Q: In a game, you have a 1/48 probability of winning $55 and a 47/48 probability of losing $9. What is…

A: From the provided information, The probability of winning of $55 = 1/48 The probability of losing of…

Q: Choose a card from a standard deck of 52 playing cards. If you choose a 2 through 10, you will get…

A: Given information:  Total number of cards = 52 Winning amount on choosing a Jack, Queen or King =…

Q: During the NCAA basketball tournament season, affectionately called March Madness, part of one…

A: Given that n =2 , p=0.526

Q: Du are playing a game in which you flip 3 fair coins. It costs $5 to play the game, which must be…

A: Given: 3 coins are flipped sample space  = { HHH,HHT,HTH,THH,TTH,THT,TTH,TTT} n(s) = 8 if all coins…

Q: A nonprofit organization sells chances for a $40,000 classic Mustang at $100 per ticket. It sells…

A: Consider the provided data, Cost of each ticket is $100. Number of Raffle-tickets are 1500. Total…

Q: Kyd and North are playing a game. Kyd selects one card from a standard 52-card deck. If Kyd selects…

A: Here, total number of face card is 12 from the deck of cards and the remaining card is 40. If Kyd…

Q: Bill and Suzie are playing a game with two dice. If the sum is less than 5 or a 9 Bill gets 5…

A: Given information: If the sum is less than 5 or a 9 Bill gets 5 points. Otherwise, Suzie gets 3…

Q: A player tosses two fair coins. He wins $ 5 if 2 heads occur, $ 2 if 1 head occurs and 1 if no head…

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Q: The student council is hosting a drawing to raise money for scholarships. They are selling tickets…

A: Given, selling tickets for $7  Number of tickets sold for each = 600

Q: Do you think this is a good idea? Find the expected value of hosting the tournament.

A: Here Given Club Expense=$12,000 Revenue from ticket=$18,000 Probability of rain=0.2

Q: Hector plays a game with a friend. They pay $2 and roll a 6-sided die. If the die comes up a 3 or…

A: Given Data: Profit (x) P(x) x P(x) -2 2/6 -4/6 5 4/6 20/6

Q: Select one option If one throws 2 dice of color red and green what would be the expected value of…

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Q: Terry is a 60% free throw shooter and is in a one-and-one situation. (You need to make the 1st free…

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Q: The expected value for the sum of draws is...

A: One hundred draws are going to be made with replacement from the box containing tickets -1, 0, 1, 1.…

Q: Find the expected value of gasoline sales on Monday.

A: Let X is a random variable values x1, x2 ... xn and their corresponding probabilities p1,p2...pn…

Q: A nonprofit organization sells chances for a $50,000 classic Mustang at $100 per ticket. It sells…

A:

Q: You play a game where you select one of three envelopes. You pay $2 to select once. One envelope has…

A: From the given information, Consider, X be the gain or winning amount. Pr( probability of selecting…

Q: A construction company is planning to bid on a building contract. The bid costs the company $1300.…

A: We first make a table using the given information Gained amount (xi) 68000-1300=66700 -1300…

Q: State of Nature Decision S1 S2 S3 di 10 8 6 d2 14 15 d3 7 8 9 2.

A: Given: The provided payoff table is:   s1 s2 s3 d1 10 8 6 d2 14 15 2 d3 7 8 9 probability…

Q: One application of the "cover all the numbers" strategy would be to bet $1 on every single number in…

A: (a)  “cover all the numbers” strategy would be bet $1 on every single number in roulette. Approach:…

Q: Find the expected value for your profit.

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Q: a). A 22-year-old male pays $275 for a 1-year $150,000 life insurance policy. What is the expected…

A: Expected value which is also known as the expectation, average value or the mean value is a long run…

Q: Amari's family is moving to California and would like to purchase fire insurance. The insurance…

A: Here  w  = net gain for insurance company per policy  Probability of fire happens 0.0008 And…

Q: The PTO is selling raffle tickets to raise money for classroom supplies. A raffle ticket costs $2.…

A: We know Expected Value is the average gain or loss if the event is occured many times Concept Used:-…

Q: Chandler offers you the opportunity to play his $2 game where he shuffles four cards and you must…

A: Expected profit E(X)= x.P(X=x)

Q: The candy wheel at the boardwalk gives away an $ 8 box of candy to a person who successfully guesses…

A: From the given information, the candy wheel at the boardwalk gives away an $8 box of candy to a…

Q: The PTO is selling raffle tickets to raise money for classroom supplies. A raffle ticket costs…

A: Probability of winning ticket is- P(winning ticket)=1150 Probability of losing ticket is- P(losing…

Q: An architect is considering bidding for the design of a new museum. The cost of drawing plans and…

A: We first make a table using the given information Winning amount (xi) 170,000-17,000=153,000…

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.