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pishuonlain [190]
3 years ago
15

At a raffle, 1500 tickets are sold at $2 each for four prizes of $500, $250, $150 and $65. You buy two tickets. What is the expe

cted value of your gain?
Mathematics
1 answer:
Ulleksa [173]3 years ago
3 0

This can be solve by just knowing what is amount that is going to be yours and the amount that you will need to give for the prize. So the expected value of your gain is

[$2/ ticket (1500 tickets)] – ( $500 + $250 + 150 + $650) = $2035 is the expected gain

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Population mean = 80
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Answer:

The answer is : 0.0597

Step-by-step explanation:

Population mean = μ = 80

Standard deviation = σ = 20

Sample = N = 60

σ_mean = σ/√N

= (20)/√(60) = 2.582

Now we will find z1 and z2.

z1 = {(84) - μ}/σ_mean = {(84)-(80)}/(2.582)= 1.549

z2 = {(88) - μ}/σ_mean = {(88)-(80)}/(2.582)= 3.098

Now probability that the sample mean will be between 84 and 88 is given by:

Prob{ (1.549) ≤ Z≤ (3.098) } = (0.9990) -(0.9393) = 0.0597

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