The college student senate is sponsoring a spring break Caribbean cruise raffle.
ID: 3303406 • Letter: T
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 2323 raffle tickets at $5 per ticket. (a) Kevin bought thirty-eight tickets. What is the probability that Kevin will win the spring break cruise to the Caribbean? (Round your answer to five decimal places.) 01634 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? (Round your answer to two decimal places.) Is this more or less than the amount Kevin paid for the thirty-eight tickets? Select How much did Kevin effectively contriute to the Samaritan Center for the Homeless? (Round your answer to two decimal places.) Need Help? ReadtExplanation / Answer
(a) Kevin brought = 38 tickets
Probability of his win = 38/ 2323= 0.01636
Probability of his loss = (2323 - 38)/ 2323 = 0.98364
(b) Expected Earning of the KEvin = 2000 * 0.01636 = $ 32.72
This amount is more than the amount KEvin paid for the raffle tickets.
(c) Kevin effective contribution to the homeless
= 38 * 5 - 32.72 = $ 157.28