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[Solved] A church group is selling 1000 tickets to raise $2500. First prize is $1000. Second prize is $300. Third prize is $200. Hint: set up a probability

Question: A church group is selling 1000 tickets to raise $2500. First prize is $1000. Second prize is $300. Third prize is $200. Hint: set up a probability distribution

a. How much should the church charge for each ticket to raise the amount of money needed?

b. What is the expected winning amount given the amount charged per ticket found in #1?

c. How much should the church charge if the raffle should be fair? {Hint: E(X) = 0}

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Solution: The downloadable solution consists of 1 pages
Deliverable: Word Document


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