The local church is conducting a lottery and will sell 500 tickets at 10 dollars per ticket. The winning ticket will win $500, five second place tickets will win $50 gift certificates. 10 third place tickets will win a $10 T-Shirt. Use this information to answer the following questions.a. What is the expected value for the church for each ticket sold? Show your work. **Round to three decimal places.**b. Based upon the expected value only, will the church make money from the raffle? Explain your reasoning.c. Given that the church sold all 500 tickets, how much would the church make? Show your work. **Round to the nearest cent.**

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Math

Probability

The local church is conducting a lottery and will sell 500 tickets at 10 dollars per ticket. The winning ticket will win $500, five second place tickets will win $50 gift certificates. 10 third place tickets will win a $10 T-Shirt. Use this information to answer the following questions. What is the expected value for the church for each ticket sold? Show your work. Round to three decimal places. b. Based upon the expected value only, will the church make money from the raffle ? Explain your reasoning. c. Given that the church sold all $500 tickets, how much would the church make? Show your work. Round to the nearest cent.

The local church is conducting a lottery and will sell 500 tickets at 10 dollars per ticket. The winning ticket will win $500, five second place tickets will win $50 gift certificates. 10 third place tickets will win a $10 T-Shirt. Use this information to answer the following questions. What is the expected value for the church for each ticket sold? Show your work. Round to three decimal places. b. Based upon the expected value only, will the church make money from the raffle ? Explain your reasoning. c. Given that the church sold all $500 tickets, how much would the church make? Show your work. Round to the nearest cent.

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.

Topic Video

Question

The local church is conducting a lottery and will sell 500 tickets at 10 dollars per ticket. The winning ticket will win $500, five second place tickets will win $50 gift certificates. 10 third place tickets will win a $10 T-Shirt. Use this information to answer the following questions.

a. What is the expected value for the church for each ticket sold? Show your work. **Round to three decimal places.**

b. Based upon the expected value only, will the church make money from the raffle? Explain your reasoning.

c. Given that the church sold all 500 tickets, how much would the church make? Show your work. **Round to the nearest cent.**

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