A nonprofit organization plans to hold a raffle to raise funds for its operation
ID: 3204579 • Letter: A
Question
A nonprofit organization plans to hold a raffle to raise funds for its operations. A total of 1,000 raffle tickets will be sold for $1. 00 each. After all die tickets are sold, one ticket will be selected at random and its owner will receive $50.00. The expected value for the net gain for each ticket is -$0.95. What is the meaning of the expected value in this context? The ticket owners lose an average of $0.05 per raffle ticket. The ticket owners lose an average of $0.95 per raffle ticket. Each ticket owner will lose $0.95 per raffle ticket. A ticket owner would have to purchase 19 more tickets for the expected value of his or her net gain to increase to $0.00. A ticket owner has a 95 percent chance of having a ticket that is not selected. There were 5, 317 previously owned homes sold in a western city in the year 2000. The distribution of the sales prices of these homes was strongly right-skewed, with a mean of $206, 274 and a standard deviation of $37, 881. If all possible Simple random samples of size 100 are drawn from this population and the mean is computed for each of these samples, which of the following describes the sampling distribution of the sample mean ? Approximately normal with mean $206, 274 and standard deviation $3, 788 Approximately normal with mean $206, 274 and standard deviation $37, 881 Approximately normal with mean $206, 274 and standard deviation $520 Strongly right-skewed with mean $206, 274 and standard deviation $3, 788 Strongly right-skewed with mean $206, 274 and standard deviation $37, 881Explanation / Answer
12) 1000 tckets are sold for $1 and owner of ticket receives rendomly choosen ones wins $ 50
Net profit = 1000 * 1 - 1 * 50 = $ 950
Net profit for ticket = $ 950 /1000 = $ 0.95
The probability that each ticket owners wins = 0.001
hence net profit of a ticket owner = -1+ 0.001*50 = -0.95
opt e) should be 99.9% is wrong
opt d) = 1019 * 1 - 50 * 1 = 979 is also wrong
opt c) each ticket will loose 0.95$ ,,,that is not evident from discussions .
b) ticket owner loses an average of 0.95$ , opt B is correct
(Since it is no where mentioned two questions are to be answered, we are ready to give answer for one only)
13) possibe option is B ....sample population can be considered as an random sampling which yeild results normally
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