8th Grade Math Culminating Project Menu, math homework help

timer Asked: May 23rd, 2016
account_balance_wallet $10

Question description

:The 8th grade class of City Middle School has decided to hold a raffle to raise money to fund a trophy cabinet as their legacy to the school. A local business leader with a condominium on St. Simon’s Island has donated a week’s vacation at his condominium to the winner—a prize worth $1200. The students plan to sell 2500 tickets for $1 each. 

question: At the last minute, another business leader offers 2 consolation prizes of a week-end at Hard Labor Creek State Park, worth around $400 each. Have your chances of holding a winning ticket changed? Explain your reasoning. Suppose that the same raffle is held every year. What would your average net winnings be, assuming that you and your 4 friends buy 5 $1 tickets each year? 

Tutor Answer

School: University of Maryland

Yes. The chances of winning chance though only minimally as demonstrated below
In the first scenario, the group had a probability of 25/2500 = 0.01 of holding the winning ticket
in the raffle.
Probability that you will hold the winning ticket for first prize
= 25/2500 = 0.01
Payout = $1200
Net revenue = 1200 – 25 = $1175
If you lose ...

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Awesome! Exactly what I wanted.

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