Step 1:

Out of 72 people who answered yes to the question, 8 were male.

Out of 86 people who answered no to the question, 10 were male.

Total number of people .

Number of people who answered yes to the question are 72.

Number of people who answered to the question are .

Let be the event of the person who answered yes.

Probability of the person who answered yes is .

Let be the event of the person who answered were male.

Probability of the person who answered were male is .

Probability of the person who answered yes were male is .

Find the probability of the people  who answered yes or were male is .

Probability of the people  who answered yes or were male is .

Solution:

Probability of the people  who answered yes or were male is .

Step 1:

(2)

The prices that can be won by the sweepstake are :

$4900 (1 Chance in 8300); $2200 (1 Chance in 5600); $700 (1 Chance in 4300); $400, (1 chance in 2200).

Find the Expected value.

The expected value of a discrete random variable is denoted by E, and it represents the mean value of the outcomes.

It is obtained by finding the value of , where is the probability of each outcome.

Expected value:

Expected value of the strategy is 1.3279.

Solutions:

Expected value of the strategy is 1.3279.