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Calculus: An Applied Approach (Min...

10th Edition
Ron Larson
ISBN: 9781305860919

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Calculus: An Applied Approach (Min...

10th Edition
Ron Larson
ISBN: 9781305860919
Textbook Problem
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Games of Chance If x is a player’s net gain in a game of chance, then E(x) is usually negative. This value gives the average amount per game the player can expect to lose over the long run. In Exercises 35 and 36, find the player’s expected net gain for one play of the specified game.

Raffle A service organization is selling $2 raffle tickets as part of a fundraising program. The first prize is a boat valued at $2950, and the second prize is a camping tent valued at $400. In addition to the first and second prizes, there are 25 $20 gift certificates to be awarded. The number of tickets sold is 3000.

To determine

To calculate: The expected net gain if the first prize is a boat valued at $2950, the second prize is camping tent valued at $400 and there are 25 $20 gift certificates awarded.

Explanation

Given Information:

The first prize is a boat valued at $2950, the second prize is camping tent valued at $400 and there are 25 $20 gift certificates awarded. The number of tickets sold is 3000 and the organization is selling $2 raffle tickets.

Formula used:

The expected value can be calculated from any table is,

E(x)=xP(x)=x1P(x1)+x2P(x2)+x3P(x3)+

Calculation:

Since the first prize is $2950, second prize is $400, third prize is $20 which are 25 and the next prizes are 0 which are 3000(1+1+25)=2973.

Therefore, the table from the above information is,

x2950400200P(x)1300013000

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