On Back-to-School night the teacher is offering raffle tickets to class parents to finance a field trip to the zoo. There are 100 tickets that cost...

#8. On Back-to-School night the teacher is offering raffle tickets to class parents to finance a field trip to the zoo. There are 100 tickets that cost $5 each. Assume all are sold. The stubs will be placed in a jar and the following SEVEN winning tickets will be drawn out: one $100, two $50 and four $25. (a) WHAT IS YOUR CHANCE OF WINNING ANYTHING WITH 1 TICKET? What is the AVERAGE chance of winning anything ? (b) WHAT IS YOUR POSSIBLE LOSS WITH 1 TICKET? AND, What is the AVERAGE loss for the group of 100 that bought these raffle tickets ? Hint: Set up your Probability Distribution Table and don't forget to subtract the cost of the ticket from any winnings. X (AMOUNT WON - COST OF TICKET) P(X) (PROBABILITY OF X) X * P(X) ($ AMOUNT LOST) Various amounts won minus the cost of the ticket The TOTAL of this column equals the total net (avg) loss