The college student senate is sponsoring a spring break Cari

The college student senate is sponsoring a spring break Caribbean cruise raffle. The proceeds are to be donated to the Samaritan Center for the Homeless. A local travel agency donated the cruise, valued at $2000. The students sold 2612 raffle tickets at $5 per ticket. Kevin bought 14 tickets.

(b) Expected earnings can be found by multiplying the value of the cruise by the probability that Kevin will win. What are Kevin\'s expected earnings? (Round your answer to two decimal places.)

Solution

Total no of tickets = 2612

Kevin bought = 14

Prob for each ticket to win = 14/2612 = 0.005395

Prob for Kevin winning = Prob for any one of 14 tickets win

= 0.075038

Expected earnings = 2000(0.075038)

= 150.076