The college hiking club is having a fund raiser to buy new equipment for fall and winter outings. The club is selling Chinese fortune cookies at a price of $1 per cookie. Each cookie contains a piece of paper with a different number written on it. A random drawing will determine which number is the winner of the dinner for two at a local Chinese restaurant. The dinner is valued at $35. Since the fortune cookies were donated to the club, we can ignore the cost of the cookies. The club sold 743 cookies before the drawing. (a) Lisa bought 12 cookies. What is the probability she will win the dinner for two? (Round your answer to three decimal places.)
What is the probability she will not win? (Round your answer to three decimal places.)
(b) Lisa's expected earnings can be found by multiplying the value of the dinner by the probability that she will win. What are Lisa's expected earnings? (Round your answer to two decimal places.)$
How much did she effectively contribute to the hiking club? (Round your answer to two decimal places.)$

a)

- the probability she will win the dinner for two is 0.016

- the probability she will not win the dinner for two is 0.984

b)

- Lisa's expected earnings is $0.57

- Money she effectively contributed to the hiking club is $11.43

Step-by-step explanation:

Given the data in the question;

fortune cookies; $1 per cookies

club sold 743

a) Lisa bought 12 cookies. What is the probability she will win the dinner for two?

P( she will win ) = Number of cookies bought / Total number of cookies

P( she will win ) = 12 / 743

P( she will win ) = 0.01615 ≈ 0.016

Therefore,  the probability she will win the dinner for two is 0.016

P( she will not win ) = 1 - P( she will win )

P( she will not win ) = 1 - 0.016

P( she will not win ) = 0.984

Therefore,  the probability she will not win the dinner for two is 0.984

b)  Lisa's expected earnings can be found by multiplying the value of the dinner by the probability that she will win. What are Lisa's expected earnings? (Round your answer to two decimal places.)$

given that value of dinner = $35

P( she will win ) = 0.01615

so

Lisa's earning = $35 × 0.01615

Lisa's earning = $0.57

Therefore, Lisa's expected earnings is $0.57

- How much did she effectively contribute to the hiking club? (Round your answer to two decimal places.)$

Lisa's contribution = Money she paid for cookies - money from expected earnings

Lisa's contribution = ( 12 × $1 ) -  $ 0.57

Lisa's contribution = $12 -  $0.57

Lisa's contribution = $11.43

Therefore, Money she effectively contributed to the hiking club is $11.43

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