At a raffle, 1000 tickets are sold at $5 each. There are 20 prizes of $25, 5 prizes of $100, and 1 grand prize of $2000. Suppose you buy one ticket. X (Net Gain) Probability $1995 1/1,000 $95 5/1,000 $20 20/1,000 -$5 974/1,000 Would you choose to play the game? In complete sentences, explain why or why not. If you were organizing a raffle like this, how might you adjust the ticket prices and/or prize amounts in order to make the raffle more tempting while still raising at least $2000 for your organization?
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.
At a raffle, 1000 tickets are sold at $5 each. There are 20 prizes of $25, 5 prizes of $100, and 1 grand prize of $2000. Suppose you buy one ticket.
|
X (Net Gain) |
Probability |
|
$1995 |
1/1,000 |
|
$95 |
5/1,000 |
|
$20 |
20/1,000 |
|
-$5 |
974/1,000 |
- Would you choose to play the game? In complete sentences, explain why or why not.
- If you were organizing a raffle like this, how might you adjust the ticket prices and/or prize amounts in order to make the raffle more tempting while still raising at least $2000 for your organization?
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