Raffles are gambles with computable probabilities. Tickets are sold, and then some are chosen at random to win prizes. Consider a raffle run by a parent-teacher organization(PTO). Suppose the PTO sells 500 tickets and that they offer prize of $1000 to one winner. a.What are the odds for a ticket winning? What are the odds against ticket winning? b.What is the probability that any particular ticket will win?Writethisasafraction, then a decimal, then a percent. c. How would you calculate the fair price of a ticket? What is the fair price for
Raffles are gambles with computable probabilities. Tickets are sold, and then some are chosen at random to win prizes. Consider a raffle run by a parent-teacher organization(PTO). Suppose the PTO sells 500 tickets and that they offer prize of $1000 to one winner. a.What are the odds for a ticket winning? What are the odds against ticket winning? b.What is the probability that any particular ticket will win?Writethisasafraction, then a decimal, then a percent. c. How would you calculate the fair price of a ticket? What is the fair price for
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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Raffles are gambles with computable probabilities. Tickets are sold, and then some are
chosen at random to win prizes. Consider a raffle run by a parent-teacher organization(PTO). Suppose the
PTO sells 500 tickets and that they offer prize of $1000 to one winner.
a.What are the odds for a ticket winning? What are the odds against ticket winning?
b.What is the probability that any particular ticket will win?Writethisasafraction, then a decimal, then a
percent.
c. How would you calculate the fair price of a ticket? What is the fair price for a ticket?
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