Question

for a fundraiser, there is a raffle with 200 tickets. one ticket will win a $340 prize, eight tickets will win a $230 prize, and the rest will win nothing. x is the payoff for one ticket in the raffle. write the probability distribution of x in the table below. write each probability as an exact decimal. table with x (columns: $340, $230, $blank) and p(x) (0.005, 0.04, blank)

Explanation:

Step1: Find the number of non - winning tickets

Total tickets = 200. Number of tickets winning $340 = 1$. Number of tickets winning $230 = 8$. So the number of non - winning tickets is $200-(1 + 8)=200 - 9=191$. The payoff for non - winning tickets is $0$.

Step2: Calculate the probability of winning $0$

The probability $P(X = 0)$ is the number of non - winning tickets divided by total number of tickets. So $P(X = 0)=\frac{191}{200}=0.955$.

Answer:

For the payoff $X = 0$, the probability $P(X)=0.955$. So the table row should be:

$X$	$P(X)$