One thousand raffle tickets are sold at $1 each, one grand prize of $500 and 2 consolation prizes of $100 will be awarded. The tickets are placed in a bin. The winning ticket will be selected from the bin. Assuming that the probability that any given ticket selected for the grand prize is 1/1000, and the probability that any given ticket selected for the consolation prizes is 2/1000, determine:a) Michael's expectation if he purchases 1 ticketb) Michael's expectation if he purchases 5 tickets.See work on board!Fair Price:To determine fair price, use the following formula:Fair Price (FP) = expected value + cost to playSO in the previous problem what would be a fair price per ticket?

One thousand raffle tickets are sold at $1 each, one grand prize of $500 and 2 consolation prizes of $100 will be awarded. The tickets are placed in a bin. The winning ticket will be selected from the bin. Assuming that the probability that any given ticket selected for the grand prize is 1/1000, and the probability that any given ticket selected for the consolation prizes is 2/1000, determine:a) Michael's expectation if he purchases 1 ticketb) Michael's expectation if he purchases 5 tickets.See work on board!Fair Price:To determine fair price, use the following formula:Fair Price (FP) = expected value + cost to playSO in the previous problem what would be a fair price per ticket?

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Description: One thousand raffle tickets are sold at $1 each, one grand prize of $500 and 2 consolation prizes of $100 will be awarded. The tickets are placed in a bin. The winning ticket will be selected from the bin. Assuming that the probability that any given

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.

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