lity Distributions, Normal Distribution and Central LimitTheorema) Tracy is participating in a raffle at her church. Proceeds will go towards the localsoup kitchen. She pays $5 for a single raffle ticket, and if she wins, she gets a $1000prize. The probability of her winning is only 1 out of the 2,500 tickets sold, or0.0004. What is the expected value of the raffle ticket to Tracy? Can the churchexpect to make a profit from the raffle to donate to the soup kitchen?Parts b)-e) The amount of time that college students spend on a certain homeworkassignment is known to be normally distributed with a mean of 104 minutes and astandard deviation of 26 minutes.b) What is the probability it will take a randomly selected college student less than 120minutes to complete this assignment?fidence intervalChose thec) In a random sample of 4 students, what is the probability the sample mean is less thantwo hours? Round your answer to four decimal places.d) What is the interquartile range (IQR) for the time students spend on the homeworkassignment?e) In a random sample of 16 college students, what is the expected value of the samplemean and standard error of the mean?

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Answered: a) Tracy is participating in a raffle…

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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c) A manufacturer is considering the production of a new and better mousetrap. She estimates the probability that the new mousetrap is successful is ¾. If it is successful, it would generate profits of $174,000. The development costs of the mousetrap are $121,000. Should the manufacturer proceed with plans for the new mousetrap? Why or why not?
John creates comic strips for his town's newspaper. Last week, he created 8 comic strips, 6 of which were about raising kids. If John's dog indiscriminately ate 5 of the comic strips, what is the probability that all of them are about raising kids? Write your answer as a decimal rounded to four decimal places.
Dash and Lily Corporation wanted to raise funds for the poor. The first prize for a raffle is S500,000 (with a probability of 0.001) and the second prize is S250,000 (with a probability of0.003). What is a fair price to pay for a single ticket in this raffle?
Charlie buys a one-year term home insurance policy for $p, that will pay $200,000 in the event of a major catastrophe and $35,000 in the event of a minor catastrophe. Charlie's home has a 0.2% chance of a major catastrophe and a 0.7% of a minor catastrophe during the one year term. What did the insurance company charge Charlie for this policy if the company expected to break even?
The college student senate is sponsoring a spring break Caribbean cruise raffle. The proceeds are to be donated to the Samaritan Center for the Homeless. A local travel agency donated the cruise, valued at $2000. The students sold 2374 raffle tickets at $5 per ticket. Kevin bought thirty-four tickets. What is the probability that Kevin will win the spring break cruise to the Caribbean? (Round your answer to five decimal places.)What is the probability that Kevin will not win the cruise? (Round your answer to five decimal places.) Expected earnings can be found by multiplying the value of the cruise by the probability that Kevin will win. What are Kevin's expected earnings? (Round your answer to two decimal places.)$ Is this more or less than the amount Kevin paid for the thirty-four tickets? How much did Kevin effectively contribute to the Samaritan Center for the Homeless? (Round your answer to two decimal places.)$
Delaney is about to take a final exam that consists of 20 questions. To motivate her to study, her parents promised her $500 if she gets at least 17 questions right. The questions are multiple choice and the probability of her getting a question right is 0.75 on each question of the final exam. What is the probability that she gets exactly 17 questions right? What is the probability that she gets at least 17 questions right?
At races, your horse, White Rum, has a probability of 1/20 of coming 1st, 1/10 of coming 2nd and a probability of ¼ in coming 3rd. First place pays $5,000 to the winner, second place $4,000 and third place $1,350. Hence, is it worth entering the race if it costs $1050?
The student council is hosting a drawing to raise money for scholarships. They are selling tickets for $9 each and will sell 600 tickets. There is one $1,000 grand prize, three $400 second prizes, and seventeen $30 third prizes. You just bought a ticket. Find the expected value for your profit. Round to the nearest cent.
The student council is hosting a drawing to raise money for scholarships. They are selling tickets for $8 each and will sell 500 tickets. There is one $3,000 grand prize, three $300 second prizes, and sixteen $40 third prizes. You just bought a ticket. Find the expected value for your profit. Round to the nearest cent. $4
The student council is hosting a drawing to raise money for scholarships. They are selling tickets for $5 each and will sell 600 tickets. There is one $3,000 grand prize, four $400 second prizes, and eighteen $30 third prizes. You just bought a ticket. Find the expected value for your profit. Round to the nearest cent.
Friskie is having her fifth litter. The prior litters have either been three normal pups or two normal pups and a runt. Assume the probability of either outcome is 50%.

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