ise money by raffling a trip worth $500. It nnings for a person who buys 1 ticket.
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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Transcribed Image Text:2. Suppose a charitable organization decides to raise money by raffling a trip worth $500. If 3,000 tickets
are sold at $1.00 each, find the expected net winnings for a person who buys 1 ticket.
3. An insurance policy sells for $720. Based on past data, an average of 1 in 70 policyholders will file a
$10,000 claim, an average of 1 in 100 policyholders will file a $20,000 claim, and an average of 1 in
400 policyholders will file a $50,000 claim.
(a) What is the expected value to the company per policy sold?
(b) What is the expected profit of selling 100,000 policies?
4. Experience shows that a ski lodge will be full (162 guests) if there is a heavy snowfall in December,
while only partially full (80 guests) with a light snowfall. What is the expected number of quests if the
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