A local community center is holding a raffle for its members. There is one grand prize of $500, there are four prizes of $100, and 15 prizes of $25. For the raffle 200 tickets are sold for $5 each. a) What is the expected value of a person who buys a raffle ticket? b) Are the odds in the favor of the person buying a ticket or the community center? c) How much would a raffle ticket have to be to break even?
Contingency Table
A contingency table can be defined as the visual representation of the relationship between two or more categorical variables that can be evaluated and registered. It is a categorical version of the scatterplot, which is used to investigate the linear relationship between two variables. A contingency table is indeed a type of frequency distribution table that displays two variables at the same time.
Binomial Distribution
Binomial is an algebraic expression of the sum or the difference of two terms. Before knowing about binomial distribution, we must know about the binomial theorem.
A local community center is holding a raffle for its members. There is one grand prize of $500, there are four prizes of $100, and 15 prizes of $25. For the raffle 200 tickets are sold for $5 each.
a) What is the
b) Are the odds in the favor of the person buying a ticket or the community center?
c) How much would a raffle ticket have to be to break even?
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