A local teacher\'s education association decides to hold a raffle. They are goin

Question

A local teacher's education association decides to hold a raffle. They are going to sell 500 tickets for $20.00 each. 1st Prize is a $5000 scholarship, 2nd Prize is a $1000 scholarship, and the 3rd Prize is a $500 scholarship. You decide to purchase $100 worth of tickets. What are your expected winnings?

39

-35

35

0.035

Random variable A has a mean of 8 and a standard deviation of 3. Random variable B has a mean of 11 and a standard deviation of 2. A new random variable is created and is defined as C = 2A + 3Y. What is the mean of random variable C?

10.5

12

19

49

Which of the following would be a continuous random variable?

I. The number of home runs hit by Barry Bonds per year.

II. The weight of tropical fish in an aquarium.

III. Life expectancy of a house cat.

I only

I and II only

I and III only

II and III only

I, II, and III

39

-35

35

0.035

Explanation / Answer

Expected winnings on one ticket = (5000+1000+500)x(1/500) - 20

= $ -7

Number of tickets purchased = 100/20 = 5

So, expected winnings from $100 worth of tickets = -7x5

= $ -35

Mean of random variable C = 2xmean of A + 3xmean of B

= 2x8 + 3x11

= 49

Continuous random variables are

II. The weight of tropical fish in an aquarium.

III. Life expectancy of a house cat.

II and III only

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