student senate is the cruise, valued at $2000. The students sold 2663 raffle tic

Question

student senate is the cruise, valued at $2000. The students sold 2663 raffle tickets at $5 per ticket. s are to be donated to the What is the probability that Kevin will win the spring break cruise to the Caribbean? (Round your answer to five decimal that Kevin will not win the cruise? (Round your answer to five decimal places.) (b) Expected earnings can be found by multiplying the value of the cruise by the probability that Kevin will win. What are Kevin's expected earnings? (Round your answer to two decimal places.) Is this more or less than the amount Kevin paid for the fifteen tickets? Need Help? im is a 60-year-old Anglo male in reasonably on his 65th birthday. The health. He wants to take out a $50,000 term (that is, straight death benefit) life insurance policy until he is 65. The policy will expire vital Statistics Section of the Statistical Abstract of the United States (116th Edition). 60

Explanation / Answer

Solution:

a) Because the club sold 2663 tickets, each ticket has 1 chance in 2663 of winning.
That is, the probability of winning is 1/2663
Person K bought 15 tickets, each with probability of winning of 1/2663
Thus, the probability of person K will win the spring break cruise to the Carribbean is

P(winning) = 15/2663 = 0.0056
Then, the probability that person K will not win the cruise is

P(not winning) = 1- P(winning)
= 1-15/2663
= 0.9944

b) Calculate person K's expected winnings for this fundraiser. The cruise is valued at $2000.
Expected earnings = $2000(15/2663) $11.27
Thus, the expected earnings on the 10 ticket is $11.27
For the 15 tickets he bought, with a total expenditure of 15 * $5 = $75, and with an expected value of $11.27, he effectively donaed ($75 - $11.27) = $63.73 to the homeless shelter.

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