Answer:
a)
- the probability she will win the dinner for two is 0.016
- the probability she will not win the dinner for two is 0.984
b)
- Lisa's expected earnings is $0.57
- Money she effectively contributed to the hiking club is $11.43
Explanation:
Given the data in the question;
fortune cookies; $1 per cookies
club sold 743
a) Lisa bought 12 cookies. What is the probability she will win the dinner for two?
P( she will win ) = Number of cookies bought / Total number of cookies
P( she will win ) = 12 / 743
P( she will win ) = 0.01615 ≈ 0.016
Therefore, the probability she will win the dinner for two is 0.016
P( she will not win ) = 1 - P( she will win )
P( she will not win ) = 1 - 0.016
P( she will not win ) = 0.984
Therefore, the probability she will not win the dinner for two is 0.984
b) Lisa's expected earnings can be found by multiplying the value of the dinner by the probability that she will win. What are Lisa's expected earnings? (Round your answer to two decimal places.)$
given that value of dinner = $35
P( she will win ) = 0.01615
so
Lisa's earning = $35 × 0.01615
Lisa's earning = $0.57
Therefore, Lisa's expected earnings is $0.57
- How much did she effectively contribute to the hiking club? (Round your answer to two decimal places.)$
Lisa's contribution = Money she paid for cookies - money from expected earnings
Lisa's contribution = ( 12 × $1 ) - $ 0.57
Lisa's contribution = $12 - $0.57
Lisa's contribution = $11.43
Therefore, Money she effectively contributed to the hiking club is $11.43