A charity organization hosts a raffle drawing at a fund raising event. Theorganization sells 2500tickets at a price of $8 each. Winning tickets are randomlyselected, with 30 prizes of $100, 10 prizes of $500, and 1 grand prize of $8000.Suppose you buy one ticket. Let the random variableXrepresent your net gainfrom playing the game once (remember that the net gain should include thecost of the ticket).Use the table below to help you construct a probability distribution forall of the possible values of X and their probabilities.X (Net Gain)Probability Find the mean/expected value of X. (Round to two decimal places.)In complete sentences, describe the interpretation of what yourvalue from #2 represents in the context of the raffle.If you were to play in such a raffle 100times, whatis the expected net gain?Would you choose to buy a ticket for the raffle? (Yourresponse should be a short paragraph, written incomplete sentences, to explain why or why not.)What ticket price would make ita fair game, so that,on average, neither the players nor the organizersof the raffle win or lose money? (Round to twodecimal places.)If you were organizing a raffle like this, how wouldyou change the game (ticket prices, number of.tickets, prize amounts, etc.) in order to encouragemore people to purchase tickets while still raisingat least$4000 for your organization? Your responseshould include a short paragraph, written incomplete sentences, with an explanation of thespecific adjustments or changes that you wouldmake and how these changes would encouragemore people to purchase tickets.Construct a new probability distribution describingthe net gain (from the player's perspective) for thegame with your proposed changes from #7,

Name: A charity organization hosts a raffle drawing at a fund raising event
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Description: A charity organization hosts a raffle drawing at a fund raising event. Theorganization sells 2500tickets at a price of $8 each. Winning tickets are randomlyselected, with 30 prizes of $100, 10 prizes of $500, and 1 grand prize of $8000.Suppose you b

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Answered: Use the table below to help you…

Math

Statistics

Use the table below to help you constructa probability distribution for all of the possible values of X and their probabilities. X (Net Gain) Probability

MATLAB: An Introduction with Applications

6th Edition

ISBN:9781119256830

Author:Amos Gilat

Publisher:Amos Gilat

Chapter1: Starting With Matlab

Section: Chapter Questions

Problem 1P

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