Acceso
Prima
Hogar Banco de preguntas Matemáticas Probability
Pregunta
upstudy study bank question image url

Next question Get a similar question You can retry this question below
The PTO is selling raffle tickets to raise money for classroom supplies. A raffle ticket costs .
There is 1 winning ticket out of the 140 tickets sold. The winner gets a prize worth . Round
your answers to the nearest cent.
What is the expected value (to you) of one raffle ticket?
Calculate the expected value (to you) if you purchase 10 raffle tickets.
What is the expected value (to the PTO) of one raffle ticket?

Ask by Wyatt Cruz. in the United States
Mar 28,2025

Solución de inteligencia artificial de Upstudy

Respuesta verificada por el tutor

Responder

Expected Values
  1. For One Ticket (Buyer):
  2. For Five Tickets (Buyer):
  3. For One Ticket (Fair): $2.63

Solución

Similar Question
A school fair is holding a lottery to raise funds. A lottery ticket costs . There is 1 winning ticket out of the 200 tickets sold. The winner receives a prize worth . Round your answers to the nearest cent.
  1. What is the expected value (to you) of one lottery ticket?
  2. Calculate the expected value (to you) if you purchase 5 lottery tickets.
  3. What is the expected value (to the fair) of one lottery ticket?
Step-by-Step Solution
  1. Calculating the Expected Value for One Ticket (for the buyer)
    • The probability of winning is
    • The expected prize value per ticket is
    • Since a ticket costs , the net expected value for one ticket is
    • Rounding to the nearest cent, the expected value is
  2. Expected Value When Purchasing 5 Tickets
    • The expected value for 5 tickets is
    • Rounding to the nearest cent,
  3. Expected Value for the Fair (Organizer) per Ticket
    • For the fair, the revenue from one ticket is and the expected payout (the prize outlay per ticket) is . Hence, the expected profit per ticket is
    • Rounding to the nearest cent,
Final Answers
  1. The expected value (to you) of one lottery ticket is approximately .
  2. If you purchase 5 lottery tickets, the expected value (to you) is approximately .
  3. The expected value (to the fair) of one lottery ticket is approximately .

Respondido por UpStudy AI y revisado por un tutor profesional

error msg
Explicar
Simplifique esta solución

The Deep Dive

Did you know that the concept of expected value comes from probability theory, which dates back to the 16th century? Mathematicians like Gerolamo Cardano and Blaise Pascal kicked off its exploration while trying to understand games of chance. It’s fascinating how they’ve shaped our modern understanding of risk and reward!
Now, onto a real-world application! When you buy a raffle ticket, you’re not just hoping for the big win; you’re also indirectly supporting a cause—in this case, classroom supplies. By calculating the expected values, you can gauge whether it’s a smart investment for fun or simply a donation to help students succeed. Plus, it adds an element of strategic thinking to your next ticket purchase!

preguntas relacionadas

An ice chest contains six cans of apple juice, eight cans of grape juice, four cans of orange juice, and two cans of mango juice. Suppose that you reach into the container and randomly select three cans in succession. Find the probability of selecting a can of orange juice, then a can of mango juice, then a can of grape juice. The probability of selecting from the ice chest a can of orange juice, then a can of mango juice, then a can of grape juice is (Type an integer or a simplified fraction.)
Probability United States Mar 31, 2025
You are dealt one card from a 52 -card deck. Find the probability that you are dealt a flive or 0 of 1 a red card. The probability is ◻. (Type an integer or a fraction. Simplify your answer.)
Probability United States Mar 31, 2025
You draw one card from a 52 -card deck. Then the card is replaced in the deck, the deck is shufled, and you draw again. Find the probabiity of drawing a red card each fime. The probability is ◻. (Type an integer or a simplifed fraction.)
Probability United States Mar 31, 2025
Question 12, 11.7.41 ⩽ AW Score: 29.69%,  An ice chest contains six cans of apple juice, four cans of grape juice, seven cans of  orange juice, and eight cans of mango juice. Suppose that you reach into the container and  randomly select three cans in succession. Find the probability of selecting no apple juice.  The probability of selecting no apple juice from the ice chest is (Type an integer or a simplified fraction.)
Probability United States Mar 31, 2025
A single die is rolled twice. Find the probability of rolling a 4 the first time and a 2 the second time. Find the probability of rolling a 4 the first time and a 2 the second time. ◻ (Type an integer or a simplified fraction.)
Probability United States Mar 31, 2025

Latest Probability Questions

Points: 0 of 1 Save Use the spinner shown. It is equally probable that the pointer will land on any one of the six regions. If the pointer lands on a borderline, spin again. If the pointer is spun twice, find the probability that it will land on blue and then blue. Find the probability that the spinner will land on blue and then blue. The probability is ◻ . (Type an integer or a simplified fraction.)
Probability United States Mar 31, 2025
An ice chest contains six cans of apple juice, four cans of grape juice, seven cans of orange juice, and eight cans of mango juice. Suppose that you reach into the container and randomly select three cans in succession. Find the probability of selecting no apple juice. The probability of selecting no apple juice from the ice chest is (Type an integer or a simplified fraction.)
Probability United States Mar 31, 2025
Question 12, 11.7.41 ⩽ AW Score: 29.69%,  An ice chest contains six cans of apple juice, four cans of grape juice, seven cans of  orange juice, and eight cans of mango juice. Suppose that you reach into the container and  randomly select three cans in succession. Find the probability of selecting no apple juice.  The probability of selecting no apple juice from the ice chest is (Type an integer or a simplified fraction.)
Probability United States Mar 31, 2025
An ice chest contains 5 cans of apple juice, 6 cans of grape juice, 6 cans of orange juice, and 4 cans of mango juice. Suppose that you reach into the container and randomly select three cans in succession. Find the probability of selecting three cans of grape juice. The probability of selecting from the ice chest three cans of grape juice is (Type an integer or a simplified fraction.)
Probability United States Mar 31, 2025
An ice chest contains six cans of apple juice, eight cans of grape juice, four cans of orange juice, and two cans of mango juice. Suppose that you reach into the container and randomly select three cans in succession. Find the probability of selecting a can of orange juice, then a can of mango juice, then a can of grape juice. The probability of selecting from the ice chest a can of orange juice, then a can of mango juice, then a can of grape juice is (Type an integer or a simplified fraction.)
Probability United States Mar 31, 2025
Anterior Próximo
¡Prueba Premium ahora!
¡Prueba Premium y hazle a Thoth AI preguntas de matemáticas ilimitadas ahora!
Quizas mas tarde Hazte Premium
Estudiar puede ser una verdadera lucha
¿Por qué no estudiarlo en UpStudy?
Seleccione su plan a continuación
Prima

Puedes disfrutar

Empieza ahora
  • Explicaciones paso a paso
  • Tutores expertos en vivo 24/7
  • Número ilimitado de preguntas
  • Sin interrupciones
  • Acceso completo a Respuesta y Solución
  • Acceso completo al chat de PDF, al chat de UpStudy y al chat de navegación
Básico

Totalmente gratis pero limitado

  • Solución limitada
Bienvenido a ¡Estudia ahora!
Inicie sesión para continuar con el recorrido de Thoth AI Chat
Continuar con correo electrónico
O continuar con
Al hacer clic en "Iniciar sesión", acepta nuestros términos y condiciones. Términos de Uso & Política de privacidad
Pop-up title
Lorem ipsum dolor sit amet, te everti debitis assentior nam, ne illum utroque principes sed. Ridens phaedrum an vix, qui in dolore appareat.