Question description
:The 8th grade class of City Middle School
has decided to hold a raffle to raise money to fund a trophy cabinet as their
legacy to the school. A local business leader with a condominium on St. Simon’s
Island has donated a week’s vacation at his
condominium to the winner—a prize worth $1200. The students plan to sell 2500
tickets for $1 each. question: At
the last minute, another business leader offers 2 consolation prizes of a
week-end at Hard Labor Creek State Park, worth around $400 each. Have your
chances of holding a winning ticket changed? Explain your reasoning. Suppose
that the same raffle is held every year. What would your average net winnings
be, assuming that you and your 4 friends buy 5 $1 tickets each year?
