Each year the Spanish Club has a fund-raising raffle. First, second, and third prizes
Chapter 10, Problem 4(choose chapter or problem)
Each year the Spanish Club has a fund-raising raffle. First, second, and third prizes are $525, $125, and $25. The net gain is how much money you actually win if you deduct the cost of the ticket. Net gains and their respective probabilities are shown in the table.Raffle ChancesWon Net gain Probability$525 $500 1%$125 $100 5% $25 $0 10% $0 $25 84%a. What is the cost of one raffle ticket? b. If you buy one ticket, what is the probability that you will win more than $50? c. If only 100 tickets are sold, what would be the net winnings or losses for the group of 100 buyers?
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