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For a fundraiser, 500 raffle tickets are sold and the winner is chosen at random. There is only one prize, $300 in cash. You buy six tickets. (a) What is the probability you will win the prize of $300? Round to three places. P(winning) = Unusual: (b) What is the probability that you do not win the prize of $300? Round to three places. P(not winning) = Unusual: (c) Your expected earnings can be found by multiplying the value of the prize by the probability you will win the prize. What are your expected earnings? Round to the penny and don't forget units. Expected Earnings = (d) If a ticket costs $5, what is the difference between your "costs" and "expected earnings"? How much are you effectively contributing to the fundraiser? Round to the penny and don't forget units. Contribution:

For a fundraiser, 500 raffle tickets are sold and the winner is chosen at random. There is only one prize, $300 in cash. You buy six tickets. (a) What is the probability you will win the prize of $300? Round to three places. P(winning) = Unusual: (b) What is the probability that you do not win the prize of $300? Round to three places. P(not winning) = Unusual: (c) Your expected earnings can be found by multiplying the value of the prize by the probability you will win the prize. What are your expected earnings? Round to the penny and don't forget units. Expected Earnings = (d) If a ticket costs $5, what is the difference between your "costs" and "expected earnings"? How much are you effectively contributing to the fundraiser? Round to the penny and don't forget units. Contribution:

MATLAB: An Introduction with Applications
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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For a fundraiser, 500 raffle tickets are sold and the winner is chosen at random. There is only one prize, $300 in cash. You buy six tickets. (a) What is the probability you will win the prize of $300? Round to three places. P(winning) = Unusual: (b) What is the probability that you do not win the prize of $300? Round to three places. P(not winning) = Unusual: (c) Your expected earnings can be found by multiplying the value of the prize by the probability you will win the prize. What are your expected earnings? Round to the penny and don't forget units. Expected Earnings = (d) If a ticket costs $5, what is the difference between your "costs" and "expected earnings"? How much are you effectively contributing to the fundraiser? Round to the penny and don't forget units. Contribution:
Transcribed Image Text:For a fundraiser, 500 raffle tickets are sold and the winner is chosen at random. There is only one prize, $300 in cash. You buy six tickets. (a) What is the probability you will win the prize of $300? Round to three places. P(winning) = Unusual: (b) What is the probability that you do not win the prize of $300? Round to three places. P(not winning) = Unusual: (c) Your expected earnings can be found by multiplying the value of the prize by the probability you will win the prize. What are your expected earnings? Round to the penny and don't forget units. Expected Earnings = (d) If a ticket costs $5, what is the difference between your "costs" and "expected earnings"? How much are you effectively contributing to the fundraiser? Round to the penny and don't forget units. Contribution:
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