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Suppose you are an events coordinator for a club with 77 members. The club decides to do a raffle as a fundraiser to buy t-shirts for all members of the club (at $7.77 per shirt, including tax) and to make a donation to Classroom Central. Party City charges $9.99 + 6.75% tax for 1000 double-roll raffle tickets. You decide to award 7 cash prizes. You can assume that you are able to sell all of the tickets you purchase.

Write a report to your club Advisor and President which formulates your plan. Include the value of the cash prizes, how many tickets you will sell and for how much, a probability distribution table for all possible outcomes, and the expected value of each ticket. Also report how much Classroom Central will receive as a donation. Explain each reported amount fully in case your club is audited, so you can account for every penny.

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Statistics and Probability, Statistics

Category:- Statistics and Probability
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