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July 23, 2014

Homework Help: Statistics

Posted by Krista on Saturday, February 11, 2012 at 10:11pm.

Seven thousand raffle tickets are to be sold at $10 each to benefit a local community group. The prizes, the number of each prize to be given away, and the dollar value of winnings for each prize are as follows:


Prize Number to Be
Given Away Dollar Value
Automobile 2 $21,730
Entertainment center 5 4,191 each
DVD recorder 4 610 each
Gift certificate 55 22 each


If you buy one ticket, calculate your expected winnings. (Form the probability distribution of x = your dollar winnings, and remember to subtract the cost of your ticket.)

Any help would be greatly appriciated. Thanks

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