community youth group is having a raffle to raise funds. Several community businesses have donated prizes. The prizes and their retail value are listed in the table below. Each prize will be given away, regardless of the number of raffle tickets sold. Tickets are sold for $15 each. Determine the expected value of a ticket, and discuss whether it would be to your financial advantage to buy a ticket under the given circumstances. (Round your answer to the nearest cent. PRIZE RETAIL VALUE NUMBER OF PRIZES TO TO BE GIVEN AWAY new car 21,580 1 cell phone & 1 yr subscrip 940 1 1 yr subcription to internet 500 2 dinner for 2 at Spiedini 100 2 yr subscription to newspaper 180 20 (a) 1000 tickets are sold.EV = $ You should buy a ticket.You should not buy a ticket. (b) 2000 tickets are sold.EV = $ You should buy a ticket.You should not buy a ticket. (c) 3000 tickets are sold.EV = $ You should buy a ticket.You should not buy a ticket.

Name: community youth group is having a raffle to raise funds. Several commu
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Description: community youth group is having a raffle to raise funds. Several community businesses have donated prizes. The prizes and their retail value are listed in the table below. Each prize will be given away, regardless of the number of raffle tickets sold

A First Course in Probability (10th Edition)

10th Edition

ISBN:9780134753119

Author:Sheldon Ross

Publisher:Sheldon Ross

Chapter1: Combinatorial Analysis

Section: Chapter Questions

Problem 1.1P: a. How many different 7-place license plates are possible if the first 2 places are for letters and...

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community youth group is having a raffle to raise funds. Several community businesses have donated prizes. The prizes and their retail value are listed in the table below. Each prize will be given away, regardless of the number of raffle tickets sold. Tickets are sold for $15 each. Determine the expected value of a ticket, and discuss whether it would be to your financial advantage to buy a ticket under the given circumstances. (Round your answer to the nearest cent.

PRIZE RETAIL VALUE NUMBER OF PRIZES TO

TO BE GIVEN AWAY

new car 21,580 1

cell phone & 1 yr subscrip 940 1

1 yr subcription to internet 500 2

dinner for 2 at Spiedini 100 2

yr subscription to newspaper 180 20

(a) 1000 tickets are sold.
EV = $
You should buy a ticket.
You should not buy a ticket.

(b) 2000 tickets are sold.
EV = $
You should buy a ticket.
You should not buy a ticket.

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