The college student senate is sponsoring a spring break Caribbean cruise raffle.

Question

The college student senate is sponsoring a spring break Caribbean cruise raffle. The proceeds are to be donated to the Samaritan Center for the Homeless. A local travel agency donated the cruise, valued at $2000. The students sold 2221 raffle tickets at $5 per ticket. (a) Kevin bought thirty-nine tickets. What is the probability that Kevin will win the spring break cruise to the Caribbean? (Round your answer to five decimal places.) What is the probability that Kevin will not win the cruise? (Round your answer to five decimal places.) (b) Expected earnings can be found by multiplying the value of the cruise by the probability that Kevin will win. What are Kevin's expected earnings? $ Is this more or less than the amount Kevin paid for the thirty-nine tickets? How much did Kevin effectively contriute to the Samaritan Center for the Homeless? $

Explanation / Answer

a) P(Win) = 39/2221
= 0.0175

P(Lose) = 1 - P(Win)
= 1 - 39/2221
= 2182/2221


b) Denote expected earnings by E(X)
Then E(X) = (0.0175)*$2000 - (2182/2221)*$195
= $35 - $191.57
= -$156.57

He can expect to contribute $156.57 to the center

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