02 Jul Bag Company Hold A Raffle To Raise Money Excelsheet Exercise Help
Question Description
Project Description:
A local organization is planning to hold a raffle to raise money for a local animal shelter. Raffle tickets will be sold at various restaurants and businesses in town. The person with the winning raffle ticket will be allowed to choose two out of 15 available mystery bags. Thirteen of the mystery bags contain various gift certificates from local businesses each with a value of $100. Two mystery bags contain gifts that are each valued at $500. You are asked to use the hypergeometric distribution to calculate the probability that the winner will select 0, 1, or 2 grand prize bags. You will also calculate the value of the winnings as well as the expected value.
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