The following notice appeared in the golf shop at a Myrtle Beach, South Carolina, golf course.
Blackmoor Golf Club Members
The golf shop is holding a raffle to win a
TaylorMade R9 10.58 Regular Flex Driver ($300 value).
Tickets are $5.00 each.
Only 80 tickets will be sold.
Please see the golf shop to get your tickets!
John Underpar buys a ticket.
a. What are Mr. Underpar’s possible monetary outcomes?
b. What are the probabilities of the possible outcomes?
c. Summarize Mr. Underpar’s “experiment” as a probability distribution.
d. What is the mean or expected value of the probability distribution? Explain your result.
e. If all 80 tickets are sold, what is the expected return to the Club?
Solution:
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