Suppose you want to start a new campaign to raise funds for a local non-profit organization in your neighborhood (use the same parameters provided in the previous question). Your neighborhood has 25,000 households. You estimate that roughly 15% of those households with incomes higher than $ 70,000 will contribute to the campaign, and each contributing household would give $ 50 to the campaign. Perform the following steps to calculate how much money you should expect to raise. a) Estimate the probability that a household in your neighborhood earns more than $ 70,000. b) Calculate the number of households who are expected to contribute. c) Calculate the expected amount that would be raised in your campaign if these assumptions hold.
Suppose you want to start a new campaign to raise funds for a local non-profit organization in your neighborhood (use the same parameters provided in the previous question). Your neighborhood has 25,000 households. You estimate that roughly 15% of those households with incomes higher than $ 70,000 will contribute to the campaign, and each contributing household would give $ 50 to the campaign. Perform the following steps to calculate how much money you should expect to raise.
-
a) Estimate the probability that a household in your neighborhood earns more than $ 70,000.
-
b) Calculate the number of households who are expected to contribute.
-
c) Calculate the expected amount that would be raised in your campaign if these assumptions hold.
Need a complete explained answer...do Asap
Thanks
Step by step
Solved in 4 steps
