A buyer is planning to purchase a franchise to sell decorations for the home. The table to the right shows average weekly profits, rounded to the nearest hundred, for a number of the current franchises. If the buyer were to purchase a franchise, what would the expected weekly profit be? The expected weekly profit is dollars. (Round to the nearest cent as needed.) Weekly Profit 100 dollars 200 dollars 300 dollars 400 dollars 500 dollars 600 dollars C Number Who Earned This 15 8 21 8 3
A buyer is planning to purchase a franchise to sell decorations for the home. The table to the right shows average weekly profits, rounded to the nearest hundred, for a number of the current franchises. If the buyer were to purchase a franchise, what would the expected weekly profit be? The expected weekly profit is dollars. (Round to the nearest cent as needed.) Weekly Profit 100 dollars 200 dollars 300 dollars 400 dollars 500 dollars 600 dollars C Number Who Earned This 15 8 21 8 3
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
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Transcribed Image Text:Six hundred chances are sold at $3 apiece for a raffle. There is a grand prize of $700, two second prizes of $250, and five third prizes of $150. First calculate the expected value of the lottery. Determine whether the lottery is a fair game. If the game is not fair, determine a price for playing the game that would make it fair.
The expected value of the game is $____.
(Type an integer or a decimal. Round to the nearest cent.)
![A buyer is planning to purchase a franchise to sell decorations for the home. The table to the right shows average weekly profits, rounded to the nearest hundred, for a number of the current franchises. If the buyer were to purchase a franchise, what would the expected weekly profit be?
| Weekly Profit | Number Who Earned This |
|---------------|-------------------------|
| 100 dollars | 7 |
| 200 dollars | 15 |
| 300 dollars | 8 |
| 400 dollars | 21 |
| 500 dollars | 8 |
| 600 dollars | 3 |
The expected weekly profit is [ ] dollars. (Round to the nearest cent as needed.)](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Faa4c9c03-c074-4e36-8db9-7d6153f8d0df%2F4596d0be-3d92-4952-85c6-46c6a13935d6%2Fb335zd_processed.png&w=3840&q=75)
Transcribed Image Text:A buyer is planning to purchase a franchise to sell decorations for the home. The table to the right shows average weekly profits, rounded to the nearest hundred, for a number of the current franchises. If the buyer were to purchase a franchise, what would the expected weekly profit be?
| Weekly Profit | Number Who Earned This |
|---------------|-------------------------|
| 100 dollars | 7 |
| 200 dollars | 15 |
| 300 dollars | 8 |
| 400 dollars | 21 |
| 500 dollars | 8 |
| 600 dollars | 3 |
The expected weekly profit is [ ] dollars. (Round to the nearest cent as needed.)
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