2017 3x 3.x 3 y 23. Volunteers for a community charity raffle sold 500 tickets a

Question

2017 3x 3.x 3 y 23. Volunteers for a community charity raffle sold 500 tickets at $10 each. Tickets are to be drawn at random and prizes are awarded as follows: one prize of $500, ten prizes of $50 and one hundred prizes of $10. What is the expected value of this raffle to you if you buy just one ticket? a) $6.00 b) $4.00 c) -$3.78 d) $10.00 Questions 24-28: Determine the variable sought, and the correct values for the remaining variables. Nana would like to help her grandbaby with future college expenses. She reviews her budget and determines that she can afford to invest $325 per month. How much will be in the college fund if she invests $325 per month for the next 18 years with an average return of 6.5% compounded monthly? 25. a) A=$325 b) PV $325 c) FV-S325 d) PMT = S3900 e) PMT $325 26. a) r=6.5 b) r=0.65 c) r=0.065 d) 0.065 e) r=0.005416 27, a) m=1 b) m=12 c) m=4 d) m=216 28. a)t=18 b)t=12 c) t=4 d) t=6 Questions 29- 33: Determine the variable sought, and the correct values for the remaining 12 e) m=365 e) t=216 variables The 2018 Charger SRT Hellcat, in red, that I want is available now for $67.,000. If I amortize the equal monthly payments over a 7-year period on loan with 4.32% compounded monthly, what is monthly payment? 10

Explanation / Answer

23)  

charity raffle = 500 * 10 = $ 5000

if you buy one ticket then probability of winning is

2 / 500 * 5000/2

= 10

hence, the exprected value is -$10

option d is correct

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