Spring Break: Caribbean Cruise The college student senate issponsoring a spring

Question

Spring Break: Caribbean Cruise The college student senate issponsoring a spring break Caribbean cruise raffle. The proceeds areto be donated to the Samaritan Center for the Homeless. A localtravel agency donated the cruise, valued at $2000. The studentssold 2852 raffle tickets at $5 per ticket. A) Kevin bought six tickets. What is the probability thatKevin will winthe spring break cruise to the Caribbean? What is theprobability that Kevin will not win the cruise? B) Expected earnings can be found by multiplying the value ofthe cruise by the probability that Kevin will win. What areKevins's expected earnings? Is this more or less than the amountKevin paid for the six tickets? How much did Kevin effectivelycontribute to the Samaritan Ceneter for the Homeless? Spring Break: Caribbean Cruise The college student senate issponsoring a spring break Caribbean cruise raffle. The proceeds areto be donated to the Samaritan Center for the Homeless. A localtravel agency donated the cruise, valued at $2000. The studentssold 2852 raffle tickets at $5 per ticket. A) Kevin bought six tickets. What is the probability thatKevin will winthe spring break cruise to the Caribbean? What is theprobability that Kevin will not win the cruise? B) Expected earnings can be found by multiplying the value ofthe cruise by the probability that Kevin will win. What areKevins's expected earnings? Is this more or less than the amountKevin paid for the six tickets? How much did Kevin effectivelycontribute to the Samaritan Ceneter for the Homeless?

Explanation / Answer

a) P(win) = 6/2852 = 0.0021 P(will not win) = 1 - 6/2852 = 0.9979 b) E(earnings) = 2000(0.0021) + 0(0.9979) = 4.2 (it is less thanwhat he had paid) Kevin has paid 6 dollars for the 6 tickets Amount that Kevin has effectively contributed = 6 - 4.2 =1.8

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