Bag Company Hold A Raffle To Raise Money Excelsheet Exercise Help

Anonymous
timer Asked: Apr 17th, 2019
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Question Description

Project Description:

A local organization is planning to hold a raffle to raise money for a local animal shelter. Raffle tickets will be sold at various restaurants and businesses in town. The person with the winning raffle ticket will be allowed to choose two out of 15 available mystery bags. Thirteen of the mystery bags contain various gift certificates from local businesses each with a value of $100. Two mystery bags contain gifts that are each valued at $500. You are asked to use the hypergeometric distribution to calculate the probability that the winner will select 0, 1, or 2 grand prize bags. You will also calculate the value of the winnings as well as the expected value.

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Number of Grand Prize Bags Number of Bags Selected Total Grand Prize Bags Total Mystery Bags 0 1 2 2 2 2 3 3 3 15 15 15 20190417175456alfarj_e06ch12_grader_a1_raffle.xlsx Probability Value of Winnings Expected Value Total 20190417175456alfarj_e06ch12_grader_a1_raffle.xlsx Create Date By Whom mm/dd/yyyy Firstname Lastname Mod. Date By Whom Description Create Date Creator Sheet Name Mod. Description 20190417175456alfarj_e06ch12_grader_a1_raffle.xlsx Workbook Name e06ch12Raffle.xlsx Last Version Backup Name Purpose 20190417175456alfarj_e06ch12_grader_a1_raffle.xlsx 20190417175456alfarj_e06ch12_grader_a1_raffle.xlsx Office 2016 – myitlab:grader – Instructions Excel Project YO16_XL_CH12_GRADER_PS2_AS - Charity Raffle 1.2 Project Description: A local organization is planning to hold a raffle to raise money for a local animal shelter. Raffle tickets will be sold at various restaurants and businesses in town. The person with the winning raffle ticket will be allowed to choose two out of 15 available mystery bags. Thirteen of the mystery bags contain various gift certificates from local businesses each with a value of $100. Two mystery bags contain gifts that are each valued at $500. You are asked to use the hypergeometric distribution to calculate the probability that the winner will select 0, 1, or 2 grand prize bags. You will also calculate the value of the winnings as well as the expected value. Instructions: For the purpose of grading the project you are required to perform the following tasks: Step Points Possible Instructions 1 Start Excel. Open the file named e06ch12_grader_a1_Raffle.xlsx. Save the file with the name e06ch12_grader_a1_Raffle_LastFirst, replacing LastFirst with your name. 0.000 2 On the Raffle worksheet tab, in cell E2, calculate the probability that the raffle winner will select one of the grand prize mystery bags using the hypergeometric distribution function. 16.000 3 Format the cell as Percent with 3 decimal places, and then use the AutoFill handle to copy the function to E4. 12.000 4 In cell F2, calculate the Value of Winnings that adds the Number of Grand Prize Bags (A2) multiplied by 500 to the difference between the number of mystery bags drawn (in B2) and the Number of Grand Prize Bags drawn multiplied by 100. 16.000 5 Format the cell as Currency, and then use the AutoFill handle to copy the formula to F4. 12.000 6 In cell G2, calculate the expected value by multiplying the value of the winnings by the probability. 16.000 7 Format the cell as Currency, and then use the AutoFill handle to copy the formula to G4. 12.000 8 In cell G5, calculate the total expected value. 16.000 9 Click Save, close Excel, and then submit the file as directed by your instructor. 0.000 Total Points Updated: 05/02/2017 1 100.000 Current_Instruction.docx ...
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Tutor Answer

andythewxman
School: Purdue University

Here is this one.

Number of Grand
Prize Bags
0
1
2

Number of Bags
Selected
2
2
2

Total Grand Prize
Bags
3
3
3

Total Mystery Bags

Probability

15
15
15

62,857%
...

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Anonymous
Tutor went the extra mile to help me with this essay. Citations were a bit shaky but I appreciated how well he handled APA styles and how ok he was to change them even though I didnt specify. Got a B+ which is believable and acceptable.

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