5.) Raffle ticket. Two thousand raffle tickets are sold for $3.00 each. Three prizes are awarded:one for $1000 and two for $500. Assume that the probability that any given ticket is selected forthe $1000 prize is 1/2000 and the probability that any given ticket is selected for the $500 prize is2/2000. Jeremy Sharp purchases one of the these tickets.a.) Determine his expected Value.b.) Determine the fair price of a ticket

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Answered: 5.) Raffle ticket. Two thousand raffle…

A First Course in Probability (10th Edition)

10th Edition

ISBN:9780134753119

Author:Sheldon Ross

Publisher:Sheldon Ross

Chapter1: Combinatorial Analysis

Section: Chapter Questions

Problem 1.1P: a. How many different 7-place license plates are possible if the first 2 places are for letters and...

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You purchase a brand new car for $17,000 and insure it. The policy pays 78% of the car's value if there is an issue with the engine or 30% of the car's value if there is an issue with the speaker system. The probability of an issue with the engine is 0.009, and the probability there is an issue with the speaker system is 0.02. The premium for the policy is p. Let X be the insurance company's net gain from this policy. (a) Create a probability distribution for X, using p to represent the premium on the policy. Enter the possible values of X in ascending order from left to right. X P(X)
6. Purchased gum Kept the money 13 Students give 4 quarters Students given a $bill 29 11 38 a. Find the probability of randomly selecting a student who spent the money, given that the student was given four quarters. b. Find the probability of randomly selecting a student who spent the money, given that the student was given a $1. c. Find the probability of randomly selecting a student who kept the money, given that the student was given a $1.
Two thousand raffle tickets are sold for $3.00 each. Three prizes will be awarded. One for $1000, two for $500. Assume that the probability that any given ticket is selected for $1000 prize is 1/2000 and the probability that any given ticket selected for the $500 prizes is 2/2000. Tom purchases one of these tickets: a) determine his expected value.b) determine the fair price (FP) of a ticket.
A math class consist of 25 students , 14 female and 11 male. Three students are selected at random to participate in a probability experiment. Compute the probability that a. A male is selected , then two females b.a female is selected, the two males c. Two females are selected, then one male d. Three male are selected e. Three females are selected
George buys six lottery tickets for $2 each. In addition to the grand prize, there is a 20% chance that each lottery ticket gives a prize of $4. Assume that these tickets are not grand prize winners. a.What is the probability that the tickets are winners more than the average that George expected? b.What is the probability that none of the tickets are winners? c.What is the probability that at least one of the tickets is a winner?
Suppose that you close your eyes and select at random two candies from the bowl which contains 2 red and 3 yellow candies without replacement. Use counting rules to find the following probabilities. a. Probability that you will select one red and one yellow candy is b. Probability that you select two red candies is
Help.
The table below shows the probability of winning 0-5 dollars playing a game. Amount Won ($) 0 1 2 3 4 5 Probability 4/24 7/24 7/24 3/24 2/24 1/24 The stallholder charges $2.50 for each playing of the game. How much money can the stallholder expect to make for the charity on a day when there are 400 plays of the game?
Rodney is going to shoot a total of 9 free-throws to prove he is a better shooter than Chris. During warm-ups Rodney can make 57% of practice shots. The challenge results are as follows… • 9 hits Rodney wins $100 • 6-8 hits Rodney wins $25 • 4-5 No one wins • 0-3 hits Chris wins $15 What is the probability that Rodney makes 7 shot?
A company receives 30% of its shipments from source A and the rest from source B. For source A, the defective rate is 10% and for source B, the defective rate is 6%. The company just receives a shipment which contains 10 items.Determine the probability that there will be one defective item.

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