A raffle offers a first prize of $400 and 3 second prizes of $80 each. One ticket costs $2, and 600 tickets are sold. Findthe expected payback for a person who buys 1 ticket. Is this a fair game?The expected payback for a person who buys 1 ticket is $(Round to two decimal places as needed.)

Given information- No. of ticket = 600 P(wining $400) = 1/600 P(wining $80) = 3/600 Cost of ticket =…

Answered: A raffle offers a first prize of $400…

A First Course in Probability (10th Edition)

10th Edition

ISBN:9780134753119

Author:Sheldon Ross

Publisher:Sheldon Ross

Chapter1: Combinatorial Analysis

Section: Chapter Questions

Problem 1.1P: a. How many different 7-place license plates are possible if the first 2 places are for letters and...

See similar textbooks

Similar questions

It asks for number of even outcomes. Is it: a. 3 b. 3/6 or 1/2
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. $
The student council is hosting a drawing to raise money for scholarships. They are selling tickets for $8 each and will sell 800 tickets. There is one $2,000 grand prize, two $500 second prizes, and eleven $30 third prizes. You just bought a ticket. Find the expected value for your profit. Round to the nearest cent.
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.
The 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. $4
Suppose 10% of all redeemed coupons at a supermarket are for 50% off the item purchased. A simulation is used to model a coupon randomly selected and then recorded as 50% off or not 50% off. Which simulation best models the scenario? Place 40 equally sized pieces of paper in a hat. Of the 40, 4 read "50% off" and the rest read "not 50% off ". O Place 30 equally sized pieces of paper in a hat. Of the 30, 6 read "50% off" and the rest read "not 50% off ". O Place 80 equally sized pieces of paper in a hat. Of the 80, 10 read "50% off" and the rest read "not 50% off ". O Place 50 equally sized pieces of paper in a hat. Of the 50, 10 read "50% off" and the rest read "not 50% off ".
The 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.
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 eleven $40 third prizes. You just bought a ticket. Find the expected value for your profit. Round to the nearest cent.
The student council is hosting a drawing to raise money for scholarships. They are selling tickets for $10 each and will sell 500 tickets. There is one $2,000 grand prize, three $400 second prizes, and fifteen $30 third prizes. You just bought a ticket. Find the expected value for your profit. Round to the nearest cent.

Recommended textbooks for you

A First Course in Probability (10th Edition)

Probability

ISBN:

9780134753119

Author:

Sheldon Ross

Publisher:

PEARSON

A First Course in Probability

Probability

ISBN:

9780321794772

Author:

Sheldon Ross

Publisher:

PEARSON

A First Course in Probability (10th Edition)

Probability

ISBN:

9780134753119

Author:

Sheldon Ross

Publisher:

PEARSON

A First Course in Probability

Probability

ISBN:

9780321794772

Author:

Sheldon Ross

Publisher:

PEARSON

SEE MORE TEXTBOOKS

A raffle offers a first prize of $400 and 3 second prizes of $80 each. One ticket costs $2, and 600 tickets are sold. Find the expected payback for a person who buys 1 ticket. Is this a fair game? The expected payback for a person who buys 1 ticket is $ (Round to two decimal places as needed.)