Question

The student council is hosting a drawing to raise money for scholarships. They are selling tickets for $9 each and will sell 600 tickets.

There is one $3,000 grand prize, four $500 second prizes, and thirteen $40 third prizes. You just bought a ticket. Find the expected value for your profit. Round to the nearest cent.

Expert Answer

Want to see the step-by-step answer?

Check out a sample Q&A here.

Want to see this answer and more?

Experts are waiting 24/7 to provide step-by-step solutions in as fast as 30 minutes!*

*Response times may vary by subject and question complexity. Median response time is 34 minutes for paid subscribers and may be longer for promotional offers.
Tagged in
Math
Statistics

Other

Related Statistics Q&A

Find answers to questions asked by students like you.

Q: A journal published a study of​ travelers' familiarity with ecolabels used by hotels. Adult traveler...

A: Here E is a random variable which indicates the response to ecolabel and it belongs to Normal distri...

Q: A survey found that​ women's heights are normally distributed with mean 63.6 in. and standard deviat...

A: A survey found that ​women’s heights are normally distributed with mean 63.6 inches and standard dev...

Q: When doing blood testing for a viral infection, the procedure can be made more efficient and less ex...

A: Given information- We have given the probability of an individual blood sample testing positive for ...

Q: Engineers must consider the breadths of male heads when designing helmets. The company researchers h...

A: From the given information, Head breadths are normally distributed with mean 6.1 in and standard dev...

Q: Use R to find the following probabilities:a) Pr{Z < 4.05} b) Pr{Z > -0.75} c) Pr{-1.35 < Z ...

A: Here, we consider Z as a standard normal distribution, i.e., Z~N(0,1). Theoretically, a.)P[Z<4.05...

Q: Dex Research Limited conducted a research to investigate consumer characteristics that can be used t...

A: Click to see the answer

Q: The academic board of Governors of a University to a sample of 60 lecturers. The sample was divided ...

A: 2. If the two event are independent, then PA∩B=PA×PB. The probability that Male and high use of tech...

Q: 1. You have an opaque urn with eight balls in it. Of these eight balls, there are two balls with a 4...

A: Click to see the answer

Q: Aaron pulls out his famous bag o' marbles. As everyone knows, there are 7 red, 8 white, and 14 blue ...

A: a) There are 7 red, 8 white and 14 blue marbles in a bag that is totally 29 marbles in a bag. The pr...

Q: What are real-world examples of a Type I versus a Type II error?

A: Concept: The Type I error is known as the probability of rejecting the null hypothesis when it is tr...

Q: The mean amount of time it takes a kidney stone to pass is 12 days and the standard deviation is 4 d...

A: a. The random variable X is time to pass the kidney stone which follows normal distribution with mea...

Q: a.  A bag contains 4 green marbles, 6 white marbles, and 10red marbles. If a marble is drawn from th...

A: a. There are 4 green marbles, 6 white marbles, and 10 red marbles in the bag. Total number of marble...

Q: 5(b) Given the following data: 54, 44, 32, 88, 170, 15, 45, 19, 37, 11, 69, 17, 72, (i) Perform a Bo...

A: Enter the data in an Excel sheet.

Q: For a sample of  400 individuals who filed a tax return between April  10th and 15th, the sample mea...

A: Individuals filling federal income tax returns prior to march 31 received an average refund of $1070...

Q: XSORT Method of Gender Selection When testing a method of gender selection, we assume that the rate ...

A: As given: XSORT is a method of gender selection and it is assumed that the rate of female birth is ...

Q: The average female bobcat weight about 9.6 kg. Let's assume μ = 9.6 and σ = 1.35kg. a) Calculate Pr{...

A: It is given that the mean is 9.6 and the standard deviation is 1.35.

Q: If n = 580 and p = 0.1, construct a 95% confidence interval. <p< Give your answers to three decimals...

A: Refer Standard normal table/Z-table OR use excel function "=NORM.S.INV(1-0.025)" to find the critica...

Q: The Central Intelligence Agency (CIA) has specialists who analyze the frequencies of letters of the ...

A: Here it is given that ,  The Central Intelligence Agency (CIA) has specialists who analyze the frequ...

Q: You want to obtain a sample to estimate a population proportion. Based on previous evidence, you bel...

A: Click to see the answer

Q: The annual per capita consumption of bottled water was 33.5 gallons. Assume that the per capita cons...

A: The Z-score of a random variable X is defined as follows: Z = (X – µ)/σ. Here, µ and σ are the mean ...

Q: White-tailed does upon reaching sexual maturity at age two give birth to between one and four offspr...

A: a) The cumulative density function is, x 0 1 2 3 4 fx 0.07 0.25 0.55 0.10 0.03 Fx 0.07 0.32 0...

Q: N = x                       Leaf unit = 1 5          2          33444 11        2          668899 (1...

A: From the above stem and leaf plot we can see that two data sets are given , let's write both one by ...

Q: (2) Use Bayes' theorem to find the indicated probability. 5.8% of a population is infected with a ce...

A: Solution: Let A be the event that population infected with a certain disease and B be the event that...

Q: can you help me solve this step by step please

A: Let ,  X be the Independent variable i.e First Quiz (Q1). Y be the dependent variable i.e Second Qui...

Q: A lottery offers one $1000 prize, one $700 Prize, two $300 prizes, and four $200 prizes. One thousan...

A: Given: $1000 prize = 1 $700 prize = 1 $300 prize = 2 $200 prize = 4  

Q: A vending machine dispenses hot chocolate or coffee. Service time is 30 seconds per cup and is const...

A: Given: Service rateμ=30seconds/cup Service rateμ=360030=120cup/hour Arrival rateλ=67per hour Thus th...

Q: As the sample size increases, what happens to the p-value associated with a given sample mean?

A: In statistics, the sample size is the no of units present in a sample that is drawn from a populatio...

Q: Study shows that 69% of people are more protective of their information while on wireless internet. ...

A: Click to see the answer

Q: Suppose that the following frequency table contains data on the number of absences in a school year ...

A: Median is the middle most value of the observations. The frequency of a class or observation is the ...

Q: According to Masterfoods, the company that manufactures M&amp;M’s, 12% of peanut M&amp;M’s are brown...

A: Let the R.V X denotes the number of peanut M&amp;M’s are orange and it follows the binomial distribu...

Q: What is a simple way to check for normality of residuals in a regression model?

A: First of all, testing of normality of residual is important for any regression model because it it t...

Q: A recent survey showed that 42% of US employers were likely to require higher employee contributions...

A: The proportion of all companies likely to require higher employee contributions for health care cove...

Q: please help me solve this step by step. I seem to be doing something wrong.

A: In this case, the regression equation is y = –2.754x –42.796, where x is the explanatory variable an...

Q: A nutritionist conducted a study on the eating patterns of early adolescent boys and girls. Calorie ...

A: A nutritionist conducted a study on the eating patterns of early boys and girls. Calorie intake is n...

Q: From generation to generation, the mean age when smokers first start to smoke varies. However, the s...

A: a. State the null hypothesis. b.State the alternative hypothesis.   c.In words, state what your rand...

Q: Calculate the Expected value and Variance of the following Random Variable X.X.      4     6    8 P(...

A: Click to see the answer

Q: The types of browse favored by deer are shown in the following table. Using binoculars, volunteers o...

A: Hypothesis: H0:The the natural distribution of browse fits the feeding pattern. H1: The natural dist...

Q: Experience has shown that the value of orders placed by customers of Handy Glass Pty is normally dis...

A: The central limit theorem states if the sample size (n) is large (greater than or equal to 30), then...

Q: The data show the number of hours of television watched per day by a sample of 28 people. Use techno...

A: Sort the data in ascending order. The median or Second quartile (Q2) is the center value of the dat...

Q: In the Northern Hemisphere, dolphins swim predominantly in a counterclockwise direction while sleepi...

A: Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for yo...

Q: The table summarizes results from pedestrian deaths that were caused by automobile accidents. Pedest...

A: Number of intoxicated pedestrian =41+234=275 Total number of pedestrian=41+234+82+620=977  

Q: On a busy day you are heading to the office and want to reach early. You are onthe wrong side of the...

A: Introduction to Poisson distribution: A random variable X is said to have a Poisson distribution wit...

Q: The ols() method in statsmodels module is used to fit a multiple regression model using “Quality” as...

A: Here, we want to predict "Quality" based on the variables ,"Speed" and "Angle". From the table, the ...

Q: In the U.S., about 85% of people are Rh positive for blood type. You take a sample of size 7. Use R ...

A: It is given that n = 7 and p = 0.85.

Q: Assume that x is a binomial random variable with n=140 and p=0.3. Use a normal approximation to find...

A: From the provided information, Sample size (n) = 140 and p = 0.3 The mean and standard deviation can...

Q: What is the variance and standard deviation of 2, 4, 5, and 6?

A: Click to see the answer

Q: Alcohol Consumption Mean SE None 3.49 0.20 Moderate 4.09 0.22 a. Construct a bar graph that incorpor...

A: Part a: Steps for constructing the bar graph  1. Draw an x-y plane.  2. Mark two points at a distanc...

Q: Find two z values, one positive and one negative, that are equidistant (the same distance away) from...

A:   Z1=+1.645≈+1.65  

Q: N = x                           Leaf unit = 1 5          2          33444 11        2          66889...

A: Mode: Mode is the most frequently repeated value in the dataset. From the stem and leaf plot, the or...