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A service organization in a large town organizes a raffle each month. One thousand raffle tickets are sold for $1 each. Each has an equal chance of winning. First prize is $300, second prize is $200, and third prize is $100. Let X denote the net gain from the purchase of one ticket. a. Construct the probability distribution of X. b. Find the probability of winning any money in the purchase of one ticket. c. Find the expected value of X, and interpret its meaning.

A service organization in a large town organizes a raffle each month. One thousand raffle tickets are sold for $1 each. Each has an equal chance of winning. First prize is $300, second prize is $200, and third prize is $100. Let X denote the net gain from the purchase of one ticket. a. Construct the probability distribution of X. b. Find the probability of winning any money in the purchase of one ticket. c. Find the expected value of X, and interpret its meaning.

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 service organization in a large town organizes a raffle each month. One thousand raffle tickets are sold for $1 each. Each has an equal chance of winning. First prize is $300, second prize is $200, and third prize is $100. Let X denote the net gain from the purchase of one ticket. a. Construct the probability distribution of X. b. Find the probability of winning any money in the purchase of one ticket. c. Find the expected value of X, and interpret its meaning.
Transcribed Image Text:A service organization in a large town organizes a raffle each month. One thousand raffle tickets are sold for $1 each. Each has an equal chance of winning. First prize is $300, second prize is $200, and third prize is $100. Let X denote the net gain from the purchase of one ticket. a. Construct the probability distribution of X. b. Find the probability of winning any money in the purchase of one ticket. c. Find the expected value of X, and interpret its meaning.
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