A First Course in Probability (10th Edition)
10th Edition
ISBN: 9780134753119
Author: Sheldon Ross
Publisher: PEARSON
expand_more
expand_more
format_list_bulleted
Related questions
Question
Transcribed Image Text:A radio station is having a contest. There is a vacation package worth $15,000. Three prizes are gift cards to a coffee shop worth $1000 each. Five prizes provided tutoring for your math course, worth
$500 each.
(a) Compute the expected value for this contest, assuming 10,000 people enter this contest.
(b) What are the odds for winning the vacation package?
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution
Trending nowThis is a popular solution!
Step by stepSolved in 2 steps with 2 images
Knowledge Booster
Similar questions
- An insurance company claims the probability of surviving a certain type of cancer is 85%. What are the odds of surviving? Express your answer in the form a:b.arrow_forwardOne thousand tickets are sold at P150 each for a color television valued at P54,000. What is the expected value of the gain if you purchase one ticket?arrow_forwardThe student council is hosting a drawing to raise money for scholarships. They are selling tickets for $6 each and will sell 900 tickets. There is one $1,000 grand prize, three $500 second prizes, and fifteen $30 third prizes. You just bought a ticket. Find the expected value for your profit. Round to the nearest cent. Question Help: Written Example > Next Question %23 44 F1 19 23 14 F6 F7 F10 %23 24 &. 2 4. 8. 9. Q Y U A S D K Z V M option command .. •- JI B w/arrow_forward
- The student council is hosting a drawing to raise money for scholarships. They are selling tickets for $7 each and will sell 600 tickets. There is one $1,000 grand prize, three $200 second prizes, and thirteen $10 third prizes. You just bought a ticket. Find the expected value for your profit. Round to the nearest cent. $arrow_forwardThe student council is hosting a drawing to raise money for scholarships. They are selling tickets for $10 each and will sell 800 tickets. There is one $2,000 grand prize, three $400 second prizes, and sixteen $20 third prizes. You just bought a ticket. Find the expected value for your profit. Round to the nearest cent. $ 5.6 Hint: Hintarrow_forwardPlace the probability of spinning each number on the probability line below. nt 2. 3 1/2 John bought a cell phone for $99 and the 7% sales tax was added at the register. John gave the cashier six $20 bills, how much change should he receive?arrow_forward
- The student council is hosting a drawing to raise money for scholarships. They are selling tickets for $9 each and will sell 600 tickets. There is one $1,000 grand prize, three $400 second prizes, and seventeen $30 third prizes. You just bought a ticket. Find the expected value for your profit. Round to the nearest cent.arrow_forwardYou pay $20 to enter a raffle. The first ticket drawn wins $1036, the second ticket drawn wins $477, the third through fifth win $186, and the sixth through tenth win $49. Suppose 2345 tickets were sold. What is the expected earning on your ticket?arrow_forwardThe student council is hosting a drawing to raise money for scholarships. They are selling tickets for $8 each and will sell 500 tickets. There is one $3,000 grand prize, three $300 second prizes, and sixteen $40 third prizes. You just bought a ticket. Find the expected value for your profit. Round to the nearest cent. $4arrow_forward
- Assuming you were lucky enough to win and the pay off odds were 35:1, how much money would you get back? Dont forget to include your original $5 bet in your payout. $. DO NOT include $ sign in your answer.arrow_forward200,000 lottery tickets are sold for $3 each. There is one jackpot prize of $50,000, 25 second prizes of $2000, and 100 third prizes of $40. Find the expected value of your profit when you buy a ticket. Round your answer to the nearest cent.arrow_forwardThe student council is hosting a drawing to raise money for scholarships. They are selling tickets for $5 each and will sell 600 tickets. There is one $3,000 grand prize, four $400 second prizes, and eighteen $30 third prizes. You just bought a ticket. Find the expected value for your profit. Round to the nearest cent.arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
- A First Course in Probability (10th Edition)ProbabilityISBN:9780134753119Author:Sheldon RossPublisher:PEARSON
A First Course in Probability (10th Edition)
Probability
ISBN:9780134753119
Author:Sheldon Ross
Publisher:PEARSON