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10th Edition

Ron Larson

Publisher: Cengage Learning

ISBN: 9781305860919

Chapter 9, Problem 18RE

Textbook Problem

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**Raffle** A service organization is selling $5 raffle tickets as part of a fundraising program. The first and second prizes are $3000 and $1000, respectively. In addition to the first and second prizes, there are 50 $20 gift certificates to be awarded. The number of tickets sold is 2000. Find the player’s expected net gain when one ticket is purchased.

To determine

**To calculate:** The player’s expected net gain on purchase of one

**Given Information:**

A service organization sells

**Formula used:**

If a discrete random variable takes the values

**Calculation:**

Consider a service organization which sells

The four possible outcomes or the possible gains for the player with the probabilities are:

Case 1: If the player purchases

For a total of 2000 tickets sold, the probability of getting the first prize is:

Case 2: If the player purchases

For a total of 2000 tickets sold, the probability of getting the second prize is:

Case 3: If the player purchases

For a total of 2000 tickets sold, there are 50 Nos. of

Case 4: If the player purchases

Calculus: An Applied Approach (MindTap Course List)

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