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,

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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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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

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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.

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Question

A charity organization hosts a raffle drawing at a fund raising event. The
organization sells 2500tickets at a price of $8 each. Winning tickets are randomly
selected, 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 gain
from playing the game once (remember that the net gain should include the
cost of the ticket).
Use the table below to help you construct a probability distribution for
all 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 your
value from #2 represents in the context of the raffle.
If you were to play in such a raffle 100times, what
is the expected net gain?
Would you choose to buy a ticket for the raffle? (Your
response should be a short paragraph, written in
complete sentences, to explain why or why not.)
What ticket price would make ita fair game, so that,
on average, neither the players nor the organizers
of the raffle win or lose money? (Round to two
decimal places.)
If you were organizing a raffle like this, how would
you change the game (ticket prices, number of.
tickets, prize amounts, etc.) in order to encourage
more people to purchase tickets while still raising
at least
$4000 for your organization? Your response
should include a short paragraph, written in
complete sentences, with an explanation of the
specific adjustments or changes that you would
make and how these changes would encourage
more people to purchase tickets.
Construct a new probability distribution describing
the net gain (from the player's perspective) for the
game with your proposed changes from #7,

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