1. If a man purchases a raffle ticket, he can win a first prize of $5000 or a second prize of $2000 with probabilities 0.001 and XXXXXXXXXXWhat should be a fair price to pay for the ticket? 2. In a...

1. If a man purchases a raffle ticket, he can win a first prize of $5000 or a second prize of $2000 with probabilities 0.001 and 0.003. What should be a fair price to pay for the ticket?

2. In a given business venture a lady can make a profit of $300 with probability 0.6 or take a loss of $100 with probability 0.4. Determine her expectation.

3.

4. In how many ways can 5 differently colored marbles be arranged in a row?

5. In how many ways can 10 people be seated on a bench if only 4 seats are available?

6. Evaluate (a)₈P₃,

(b)₆P4,

(c) 15P1,

(d)3P3

(e) parts (a) through (d) using EXCEL.

7 It is required to seat 5 men and 4 women in a row so that the women occupy the even places. How many such arrangements are possible?