Allison purchases one lottery raffle ticket for a school fundraiser. The raffle ticket cost $19. The school is selling 13,599 tickets. One ticket will be randomly drawn and the winner will receive $23,415. Assuming all of the tickets are sold, and using the expected value of a ticket, compute the expected gain or loss for Allison

Allison purchases one lottery raffle ticket for a school fundraiser. The raffle ticket cost $19. The school is selling 13,599 tickets. One ticket will be randomly drawn and the winner will receive $23,415. Assuming all of the tickets are sold, and using the expected value of a ticket, compute the expected gain or loss for Allison

College Algebra

1st Edition

ISBN:9781938168383

Author:Jay Abramson

Publisher:Jay Abramson

Chapter9: Sequences, Probability And Counting Theory

Section9.7: Probability

Problem 57SE: Use this data for the exercises that follow: In 2013, there were roughly 317 million citizens in the...

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Use this data for the exercises that follow: In 2013, there were roughly 317 million citizens in the United States, and about 40 million were elderly (aged 65 and over).[34] 59. If you meet five U.S. citizens, what is the percent chance that four are elderly? (Round to the nearest thousandth of a percent.)
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