A charity organization hosts a raffle drawing at a fund raising event. The organization sells 2500 tickets at a price of $8 each. Winning tickets are randomly selected, with 30 prizes of $100, 10 prizes of $500, and 1 grand prize of $8000. Suppose you buy one ticket. Let the random variable X represent your net gain from playing the game once (remember that the net gain should include the cost of the ticket). 1. Use the table below to help you construct a probability distribution for all of the possible values of X and their probabilities.
A charity organization hosts a raffle drawing at a fund raising event. The organization sells 2500 tickets at a price of $8 each. Winning tickets are randomly selected, with 30 prizes of $100, 10 prizes of $500, and 1 grand prize of $8000. Suppose you buy one ticket. Let the random variable X represent your net gain from playing the game once (remember that the net gain should include the cost of the ticket). 1. Use the table below to help you construct a probability distribution for all of the possible values of X and their probabilities.
Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018
18th Edition
ISBN:9780079039897
Author:Carter
Publisher:Carter
Chapter4: Equations Of Linear Functions
Section4.6: Regression And Median-fit Lines
Problem 2CYU
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Transcribed Image Text:A charity organization hosts a raffle drawing at a fund raising event. The organization sells 2500 tickets at
a price of $8 each. Winning tickets are randomly selected, with 30 prizes of $100, 10 prizes of $500, and 1
grand prize of $8000.
Suppose you buy one ticket. Let the random variable X represent your net gain from playing the game
once (remember that the net gain should include the cost of the ticket).
1. Use the table below to help you construct a probability distribution for all of the possible
values of X and their probabilities.
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If you were to play the raffle 100 times what is your net gain?
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