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A charity organization is selling $50 raffle tickets as part of a fund-raising program. The grand prize is a trip to Mexico valued at $12750, and the runner-up prize is a weekend spa package valued at $1500. Twenty other players will receive $250 gift cards for a local grocery store. The organization will sell a total of 4500 tickets, and the winners will be selected via random drawing. Let x = net winnings earned from buying one ticket for this raffle (i.e. x = ticket winnings - ticket cost) a) Write a valid probability distribution (in table format) for x. Make sure you consider ALL of the possible outcomes associated with buying a ticket. X P(x) one b) Use your distribution to determine the EXPECTED VALUE associated with buying a single raffle ticket. Show valid supporting work!

A charity organization is selling $50 raffle tickets as part of a fund-raising program. The grand prize is a trip to Mexico valued at $12750, and the runner-up prize is a weekend spa package valued at $1500. Twenty other players will receive $250 gift cards for a local grocery store. The organization will sell a total of 4500 tickets, and the winners will be selected via random drawing. Let x = net winnings earned from buying one ticket for this raffle (i.e. x = ticket winnings - ticket cost) a) Write a valid probability distribution (in table format) for x. Make sure you consider ALL of the possible outcomes associated with buying a ticket. X P(x) one b) Use your distribution to determine the EXPECTED VALUE associated with buying a single raffle ticket. Show valid supporting work!

MATLAB: An Introduction with Applications
MATLAB: An Introduction with Applications
6th Edition
ISBN:9781119256830
Author:Amos Gilat
Publisher:Amos Gilat
Chapter1: Starting With Matlab
Section: Chapter Questions
Problem 1P
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A charity organization is selling $50 raffle tickets as part of a fund-raising program. The grand prize is a trip to Mexico valued at $12750, and the runner-up prize is a weekend spa package valued at $1500. Twenty other players will receive $250 gift cards for a local grocery store. The organization will sell a total of 4500 tickets, and the winners will be selected via random drawing. Let x = net winnings earned from buying one ticket for this raffle (i.e. x = ticket winnings - ticket cost) a) Write a valid probability distribution (in table format) for x. Make sure you consider ALL of the possible outcomes associated with buying a ticket. X P(x) b) Use your distribution to determine the EXPECTED VALUE associated with buying a single raffle ticket. Show valid supporting work! time you
Transcribed Image Text:A charity organization is selling $50 raffle tickets as part of a fund-raising program. The grand prize is a trip to Mexico valued at $12750, and the runner-up prize is a weekend spa package valued at $1500. Twenty other players will receive $250 gift cards for a local grocery store. The organization will sell a total of 4500 tickets, and the winners will be selected via random drawing. Let x = net winnings earned from buying one ticket for this raffle (i.e. x = ticket winnings - ticket cost) a) Write a valid probability distribution (in table format) for x. Make sure you consider ALL of the possible outcomes associated with buying a ticket. X P(x) b) Use your distribution to determine the EXPECTED VALUE associated with buying a single raffle ticket. Show valid supporting work! time you
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