Mean or Expected Value and Standard Deviation · Exercise 20
A theater group holds a fund-raiser. It sells 100 raffle tickets for $5 apiece. Suppose you purchase four tickets. The prize is two passes to a Broadway show, worth a total of $150.
(a) What are you interested in here?
(b) In words, define the random variable X.
(c) List the values that X may take on.
(d) Construct a PDF.
(e) If this fund-raiser is repeated often and you always purchase four tickets, what would be your expected average winnings per raffle?
Its source prints no answer for this problem, so there's nothing to check against.
OpenStax, Introductory Statistics 2e · §4.2 Mean or Expected Value and Standard Deviation · Exercise 20
No hints for this one.
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