Can you please help **Probability Distribution for Credit Cards**The following table represents a probability distribution for the number of credit cards a person has:| Number of Credit Cards | 0 | 1 | 2 | 3 | 4 | 5 ||------------------------|-----|-----|-----|-----|-----|-----|| Probability | 0.20| 0.30| 0.20| 0.15| 0.10| 0.05|**Tasks:**a) **Calculate the expected value or average number of credit cards a person has. Show Work!**b) **Interpret what that expected value means in context to this scenario.**---**Expected Value Example 2:**The Red Cross is selling raffle tickets as a fundraiser. They have 10,000 tickets to sell for $1 each. They will draw 3 winners after all the tickets are sold. The prize distribution is as follows:- First-place winner: $750- Second-place winner: $500- Third-place winner: $250**Tasks:**a) **Using the information above, fill in the probability model in the table below:**| Prize | First Place | Second Place | Third Place | None ||--------------|-------------|--------------|-------------|------|| Amount | | | | $0 || Probability | | | | |b) **Calculate the expected value of a ticket. Show work!**c) **Interpret what that expected value means in context to this scenario.**

Name: Can you please help **Probability Distribution for Credit Cards**The f
Uploaded: 2024-03-20T07:07:37.000Z
Channel: Bartleby
Description: Can you please help **Probability Distribution for Credit Cards**The following table represents a probability distribution for the number of credit cards a person has:| Number of Credit Cards | 0 | 1 | 2 | 3 | 4 | 5 ||--------------------

Hi! Thank you for the question, As per the honor code, we are allowed to answer one question at a time so we are answering the first one as you have not mentioned which one you are looking for. Please re-submit the question separately for the remaining question. Given: The number of credit cards a person has with their associated values is shown below Number of credit cards 0 1 2 3 4 5 Probability 0.20 0.30 0.20 0.15 0.10 0.05a) Expected number of credit cards The expected number of credit cards can be calculated with the formula mentioned below E[X]=∑xPX=x =0×0.20+1×0.30+2×0.20+3×0.15+4×0.10+5×0.05 =1.8 Thus, the average number of credit cards a person has is 1.8 b) The expected number shows that on an average a person is expected to have 1.8 credit cards.