Find the average, money won/loss for the Moose Lodge Raffle using the plan outli

Question

Find the average, money won/loss for the Moose Lodge Raffle using the plan outlined below. 1. Make a table labeling one column "Event" (How much money can be won). 2. Label another column "x", this is the random variable; it is the winning MINUS the cost of the ticket. 3. Label the next column "Frequency", this is the number of winners for eachprize. 4. Label the next column "P(x)". This is the probability for each event. 5. Label the last "x " P(x)". This column will be used to calculate the expected value (Average) 6. Calculate the product "x * P(x)" by multiplying the random variable, "x", by its corresponding probability, "P(x)". 7. Find the sum of this column. 8. Verify your answer

Explanation / Answer

From the given information

Expected value is 108

and Variance = 138800 - 108^2 = 127136

and SD = 356.56

Average 1 2 3 4 5 5 Money X = Money -100 Frequency P(x) x*p(x) x^2 * P(x) 1st prize 1800 1700 1 0.04 68 115600 2nd prize 800 700 1 0.04 28 19600 3rd prize 400 300 1 0.04 12 3600 4th-25th prize 100 0 22 0.88 0 0 Total: 108 138800

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