Question

A raffle has 250 tickets. One ticket will win a $460 prize. 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. Х P(X)

Answer 1

Let X be the payoff for one ticket in the raffle. This variable has two possible outcomes, that the ticket is a winning ticket, in this case, you will win $460, or that the ticket has no price, then the profit will be $0.

To determine the probability of each outcome, you have to divide the number of favorable outcomes (nº of tickets that have/have not prize) by the total number of tickets of the raffle.

The raffle has 250 tickets

1 ticket has a $460 prize

249 tickets have no prize

The corresponding probabilities for both outcomes can be calculated as follows:

`P(460)=(1)/(250)=0.004`
`P(0)=(249)/(250)=0.996`

You can arrange the possible values of X and their corresponding probabilities P(X) as follows: