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4. (5 points) A raffle awards one $7000.00 prize, two $1000.00 prizes, and four $500.00 prizes. There are 10000 tickets sold
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Answer #1

Let X be the profit a player earns from purchasing a ticket

X can take values like { $6997, $997, $497, -$3}

Probability table for x can be showna s follows

X 6997 997 497 -3
P(X=x)

1/10000

= 0.0001

2/10000

=0.0002

4/10000

=0.0004

9993/10000

=0.9993

Expecetd profit , E(X) = \sum x P(X)

= 6997 *0.0001 + 997 * 0.0002 + 497*0.0004 + (-3)*0.9993

= -1.9

\

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