For a fundraiser, 1000 raffle tickets are sold for $2 each with a chanceto win $200 in cash. You buy 1 ticket. Using this information, completethe probability distribution.Enter the probabilities as fractions using / for the division bar.x → Net Win or Loss P(x) → ProbabilityWin+ + $LoseRound answers to the nearest hundredth, if necessary.1. What is the expected value?2. Is this game fair? Yes +3. The ticket cost $2, so, in the long run, you should expect tolose + $4. What is the standard deviation?

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Description: For a fundraiser, 1000 raffle tickets are sold for $2 each with a chanceto win $200 in cash. You buy 1 ticket. Using this information, completethe probability distribution.Enter the probabilities as fractions using / for the division bar.x → Net Win

Given data: The given numbers of raffle tickets are n=1000. The given cost of the ticket is c=$2.…

Math

Probability

For a fundraiser, 1000 raffle tickets are sold for $2 each with a chance to win $200 in cash. You buy 1 ticket. Using this information, complete the probability distribution. Enter the probabilities as fractions using / for the division bar.

For a fundraiser, 1000 raffle tickets are sold for $2 each with a chance to win $200 in cash. You buy 1 ticket. Using this information, complete the probability distribution. Enter the probabilities as fractions using / for the division bar.

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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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.

Topic Video

Question

For a fundraiser, 1000 raffle tickets are sold for $2 each with a chance
to win $200 in cash. You buy 1 ticket. Using this information, complete
the probability distribution.
Enter the probabilities as fractions using / for the division bar.
x → Net Win or Loss P(x) → Probability
Win
+ + $
Lose
Round answers to the nearest hundredth, if necessary.
1. What is the expected value?
2. Is this game fair? Yes +
3. The ticket cost $2, so, in the long run, you should expect to
lose + $
4. What is the standard deviation?

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