At a Raffle, 1000 tickets are sold at $5 each. There are 20 prizes of $100, and 1 grand prize of $2000. Suppose you buy one ticket. Let the random Variable X represent your net gain (remember that the net gain should include the cost of the ticket) after playing the game once.   Question: If you ply in such a raffle 100 times, what is the expected net gain?

Q: The student council is hosting a drawing to raise money for scholarships. They are selling tickets…

A:

Q: The student council is hosting a drawing to raise money for scholarships. They are selling tickets…

A: Expected value- The expected value is predicted future value of an event taking place in the…

Q: During the grand opening of an electronics store, any customer has a 9% chance of winning a free…

A: From the information, any customer has a 9% chance of winning a free laptop .

Q: in a school survey 35% of students rode the bus to school. what are the odds of a student riding the…

A:

Q: The student council is hosting a drawing to raise money for scholarships. They are selling tickets…

A: From the provided information, the total number of tickets they will sell = 700. So,

Q: At a local fair, a raffle is being held. There were 1,067 tickets were sold for $10 each. There is…

A:

Q: What are the odds of winning a raffle where 50 tickets were sold for a single $40 prize?

A: Solution

Q: The student council is hosting a drawing to raise money for scholarships. They are selling tickets…

A: Expected value: The expected value of a random variable is the sum of the possible values that the…

Q: The student council is hosting a drawing to raise money for scholarships. They are selling tickets…

A:

Q: The student council is hosting a drawing to raise money for scholarships. They are selling tickets…

A:

Q: A charity organization is holding a raffle. Each ticket costs $14. One winner will win $1500, two…

A:

Q: The student council is hosting a drawing to raise money for scholarships. They are selling tickets…

A: Given data: The cost of a ticket is C=$7. The total numbers of the ticket are n=900. The amount of…

Q: In the game of roulette, there is a wheel with spaces marked 0 through 36 and a space marked 00.…

A: In the question, given that:There is a wheel with spaces marked 0 through 36 and a space marked 00.

Q: You are to flip a fair coin, where probability of heads is equal to 50% (and tails is 50%). The fair…

A: Answer:- Given, The probability of head , P(H) = 50% = 0.50  The fair coin is flipped, n = 100000…

Q: 4. That odds against winning in craps are 507 to 493. What is your expected return on a $20.00…

A: The odds against winning in craps are 507 to 493.

Q: A player rolls a fair dice and gets "$3 multiplied by the value on the dice" in the case of even…

A: Basic concepts of probability are used.

Q: You have 8 ruppees to gamble with your best friend, with capital of 5 Ruppees. The probability of…

A:

Q: The student council is hosting a drawing to raise money for scholarships. They are selling tickets…

A: Given that selling tickets for $8 each and will sell 800 tickets And There is one $2,000 grand…

Q: The student council is hosting a drawing to raise money for scholarships. They are selling tickets…

A: Given There is one $2,000 grand prize, three $300 second prizes, and fifteen $10 third prizes. You…

Q: You pay $20 to enter a raffle.  The first ticket drawn wins $912, the second ticket drawn wins $481,…

A:

Q: The student council is hosting a drawing to raise money for scholarships. They are selling tickets…

A: Given that, The student council is hosting a drawing to raise money for scholarships. They are…

Q: Marlon is going to roll a six-sided die, and if he rolls a 3, he gets $10. It costs him $2 to enter…

A: Random variables are of 2 types, discrete and continuous. A discrete random variable can only take…

Q: The student council is hosting a drawing to raise money for scholarships. They are selling tickets…

A: the expected value for your profit is $7

Q: A charity organization hosts a raffle drawing at a fundraising event. The organization sells 2500…

A: Tickets sold by a charity organization at a price of $8 are 2500 each. Winning tickets are selected…

Q: At Monday night Bingo, there is also a raffle being held for a 55-inch flat-screen television. If…

A: Solution-: Given: 120 tickets are purchased out of 1400 tickets We want to find what are the odds in…

Q: The student council is hosting a drawing to raise money for scholarships. They are selling tickets…

A:

Q: You pay $20 to enter a raffle.  The first ticket drawn wins $983, the second ticket drawn wins $474,…

A: The expectation of a discrete random variable X, denoted by E(X), is defined as a measure of central…

Q: The student council is hosting a drawing to raise money for scholarships. They are selling tickets…

A: The probability distribution based on the given information is as follows:

Q: You are to play a game of chess against a random opponent on the web. You say to yourself "There is…

A: Probability of winning=75%

Q: The student council is hosting a drawing to raise money for scholarships. They are selling tickets…

A:

Q: The student council is hosting a drawing to raise money for scholarships. They are selling tickets…

A: Given information- No. of lottery ticket sold = 700 Price of a lottery ticket = $7 The prizes are:…

Q: The student council is hosting a drawing to raise money for scholarships. They are selling tickets…

A:

Q: The chance of winning Florida's Pick-6 Lotto game is 1 in approximately 23 million. Suppose you buy…

A: Random variables are of 2 types, discrete and continuous. A discrete random variable can only take…

Q: You pay $20 to enter a raffle.  The first ticket drawn wins $964, the second ticket drawn wins $522,…

A: The expectation of a discrete random variable X, denoted by E(X), is defined as a measure of central…

Q: A coin is tossed three times  The odds of getting one head and two tails are

A:

Q: On average, what are the odds

A: You are a Product Manager for Hockey Equipment working at an Internet-based sports equipment…

Q: You randomly select one card from a​ 52-card deck. Find the probability of selecting the king of…

A: It is known that Number of cards in a deck = 52 Number of king of diamonds = 1 Number of two of…

Q: How many outcomes are possible when you roll 3 dice?

A: Here, we need to find out the total possible outcomes to roll 3 dice.

Q: The student council is hosting a drawing to raise money for scholarships. They are selling tickets…

A: We can create a table for the given data, Price (X) no. Of tickets (f) 2000 1 400 2 20 11…

Q: The student council is hosting a drawing to raise money for scholarships. They are selling tickets…

A: Given that, Sell 600 tickets, $7 for each One $2000 grand prize Three $400 grand prize Twelve $10…

Q: There is a lottery drawing every Wednesday from the school store. You have to choose 5 numbers from…

A:

Q: The student council is hosting a drawing to raise money for scholarships. They are selling tickets…

A: There are 700 tickets, where price of each ticket is $6.

Q: It costs $6.75 to play a very simple game, in which a dealer gives you one card from a deck of 52…

A: The cost of the game is $6.75.

Estimation

A new framework of data analysis where the new statistical methods are used for interpreting the results and analyzing the data is known as estimation in statistics.