Tickets for a raffle cost $17. There were 813 tickets sold. One ticket will be randomly selected as the winner, and that person wins $1800 and also the person is given back the cost of the ticket. For someone who buys a ticket, what is the Expected Value (the mean of the distribution)? If the Expected Value is negative, be sure to include the "-" sign with the answer. Express the answer rounded to two decimal places. Expected Value =
Continuous Probability Distributions
Probability distributions are of two types, which are continuous probability distributions and discrete probability distributions. A continuous probability distribution contains an infinite number of values. For example, if time is infinite: you could count from 0 to a trillion seconds, billion seconds, so on indefinitely. A discrete probability distribution consists of only a countable set of possible values.
Normal Distribution
Suppose we had to design a bathroom weighing scale, how would we decide what should be the range of the weighing machine? Would we take the highest recorded human weight in history and use that as the upper limit for our weighing scale? This may not be a great idea as the sensitivity of the scale would get reduced if the range is too large. At the same time, if we keep the upper limit too low, it may not be usable for a large percentage of the population!
Tickets for a raffle cost $17. There were 813 tickets sold. One ticket will be randomly selected as the winner, and that person wins $1800 and also the person is given back the cost of the ticket. For someone who buys a ticket, what is the
If the Expected Value is negative, be sure to include the "-" sign with the answer. Express the answer rounded to two decimal places.
Expected Value =
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