At a raffle, 100o tickets are sold at $5 each. There are 20 prizes of $25, 5 prizes of $10o.and 1 grand prize of S2000. Suppose you buy one ticket.Let the random variable X represent your net gain (remember that the net gain shouldindude the cost of the ticket) after playing the game once.Use the table below to help you construct a probability distribution for all of tpossible values of X and their probabilities.x (Net Galn)ProbabilityFind the expected volue of X, and interpret it in the context of the game.if you play in such a raffle 100 times, what is the expected net gain?What ticket price (rounded to two decimal places) would make it a fair game?Would you choose to play the game? In compiete sentences, explain why orwhy not.tyou were organizing a raffle Ike ths, how might you adjust the ticket pricesand/or prize amounts in order to make thne raffie more tempting whie stirasing at leaEt 52000 for your organzation?

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Description: At a raffle, 100o tickets are sold at $5 each. There are 20 prizes of $25, 5 prizes of $10o.and 1 grand prize of S2000. Suppose you buy one ticket.Let the random variable X represent your net gain (remember that the net gain shouldindude the cost of

The number of tickets sold were 1000 Cost of a ticket is 5 Prizes are : 20 prizes of $25 eachTotal…

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At a raffle, 100o tickets are sold at $5 each. There are 20 prizes of $25, 5 prizes of $100 and 1grand prize of $2000. Suppose you buy one ticket. Let the random variable Xrepresent your net gain (remember that the net gain should indude the cost of the ticket) after playing the game once. Use the table below to help you construct a probability distribut ion for all of t possible values of X and their probabilities. x (Net Gain) Probability Find the expected volue of X, and interpret t in the context of the game. If you play in such a raffle 100 times, what is the expected net gain?

At a raffle, 100o tickets are sold at $5 each. There are 20 prizes of $25, 5 prizes of $100 and 1grand prize of $2000. Suppose you buy one ticket. Let the random variable Xrepresent your net gain (remember that the net gain should indude the cost of the ticket) after playing the game once. Use the table below to help you construct a probability distribut ion for all of t possible values of X and their probabilities. x (Net Gain) Probability Find the expected volue of X, and interpret t in the context of the game. If you play in such a raffle 100 times, what is the expected net gain?

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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Concept explainers

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.

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Question

At a raffle, 100o tickets are sold at $5 each. There are 20 prizes of $25, 5 prizes of $10o.
and 1 grand prize of S2000. Suppose you buy one ticket.
Let the random variable X represent your net gain (remember that the net gain should
indude the cost of the ticket) after playing the game once.
Use the table below to help you construct a probability distribution for all of t
possible values of X and their probabilities.
x (Net Galn)
Probability
Find the expected volue of X, and interpret it in the context of the game.
if you play in such a raffle 100 times, what is the expected net gain?
What ticket price (rounded to two decimal places) would make it a fair game?
Would you choose to play the game? In compiete sentences, explain why or
why not.
tyou were organizing a raffle Ike ths, how might you adjust the ticket prices
and/or prize amounts in order to make thne raffie more tempting whie sti
rasing at leaEt 52000 for your organzation?

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