A theater group holds a fund-raiser. It sells 100 raffle tickets for $4 apiece. Suppose you purchase four tickets. The price is two passes to a Broadway show, worth a total of $150.
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The theater group sells 100 raffle tickets for $4 apiece, so they make a total of 100 x $4 = $400 from ticket sales. Show more…
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A theater group holds a fund-raiser. It sells 100 raffle tickets for $\$ 5$ apiece. Suppose you purchase four tickets. The prize is two passes to a Broadway show, worth a total of $\$ 150$. a. What are you interested in here? b. In words, define the random variable $X.$ c. List the values that X may take on. d. Construct a PDF. e. If this fund-raiser is repeated often and you always purchase four tickets, what would be your expected average winnings per raffle?
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