A grocery chain runs a prize game by giving each customer a ticket that may win a

Question:

A grocery chain runs a prize game by giving each customer a ticket that may win a prize when the box is scratched off. Printed on the ticket is a dollar value ($500, $100, $25) or the statement

“This ticket is not a winner.” Monetary prizes can be redeemed for groceries at the store. Here is the probability distribution of the amount won on a randomly selected ticket:

Amount won: $500 $100 $25 $0 Probability: 0.01 0.05 0.20 0.74 Which of the following are the mean and standard deviation, respectively, of the winnings?

(a) $15.00, $2900.00

(b) $15.00, $53.85

(c) $15.00, $26.93

(d) $156.25, $53.85

(e) $156.25, $26.93

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For  book-img-for-question

The Practice Of Statistics

ISBN: 9781464108730

5th Edition

Authors: Daren S. Starnes, Josh Tabor

Question Posted: