What is the average (expected) net amount that someone will win from one raffle ticket
What is the average (expected) net amount that someone will win from one raffle ticket
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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Question
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To raise funds for equipment for the upcoming Statistics Games, students on the Clayton State team are holding a fundraiser. They plan to sell 100 raffle tickets for $20 each. They are raffling off one (1) $500 prize, three (3) $100 prizes, and ten (10) $20 prizes. The table gives the probability distribution for the NET amount won. What is the average (expected) net amount that someone will win from one raffle ticket? Please see the picture attachment for table information.
I got -$10 as my answer.
![$480
$80
B
P(x=X)
1/100
3/100
10/100
of 7](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F0c576a2f-357a-470c-9c40-a9828a0be514%2F855aee68-81e7-41fd-adae-6a900bf24ec5%2F8lsnnb_processed.jpeg&w=3840&q=75)
Transcribed Image Text:$480
$80
B
P(x=X)
1/100
3/100
10/100
of 7
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