Suppose you buy one ticket. Let the random variable X represent your net gain from playing the game once(remember that the net gain should include the cost of the ticket). A charity organization hosts a raffle drawing at a fund raising event. The organization sells 2500 tickets at a price of $8 each. Winning tickets are randomly selected, with 30 prizes of $100, 10 prizes of $500, and 1 grand prize of $8000. What is the probability distribution for all of the possible values of X and their probabilities?
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.
Suppose you buy one ticket. Let the random variable X represent your net gain from playing the game once(remember that the net gain should include the cost of the ticket).
A charity organization hosts a raffle drawing at a fund raising
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A charity host a raffle sells $2500 tickets each $8 prizes are 30 at $100, 10 at $500, and one at $8000. Suppose you buy one ticket. ... what ticket price would make it a fair game so that on average neither the players nor the organization of the raffle win or lose money? Round to two decimals.
if you were organizing a raffle like this, how would you change the game (ticket price, number of tickets, prizes, amounts ect) in order to encourage more people to purchase tickets while still raising at least $4000.?
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