An Arts group holds a raffle. Each raffle ticket costs $2 and the raffle consists of 2500 tickets. The prize is a vacation worth $3,000. a. Determine your expected value if you buy one ticket. b. Determine your expected value if you buy five tickets. How much will the Arts group gain or lose if they sell all the tickets?
An Arts group holds a raffle. Each raffle ticket costs $2 and the raffle consists of 2500 tickets. The prize is a vacation worth $3,000. a. Determine your expected value if you buy one ticket. b. Determine your expected value if you buy five tickets. How much will the Arts group gain or lose if they sell all the tickets?
Holt Mcdougal Larson Pre-algebra: Student Edition 2012
1st Edition
ISBN:9780547587776
Author:HOLT MCDOUGAL
Publisher:HOLT MCDOUGAL
Chapter11: Data Analysis And Probability
Section11.5: Interpreting Data
Problem 5E
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Question
An Arts group holds a raffle. Each raffle ticket costs $2 and the raffle consists of 2500 tickets. The prize is a vacation worth $3,000.
- a. Determine your
expected value if you buy one ticket.
- b. Determine your expected value if you buy five tickets.
- How much will the Arts group gain or lose if they sell all the tickets?
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