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A local nonprofit organization is having a raffle, and there were 1600 tickets sold. The raffle has prizes of $200, $100, and $50. Prior to
A local nonprofit organization is having a raffle, and there were 1600 tickets sold. The raffle has prizes of $200, $100, and $50. Prior to drawing the raffle, the probability distribution looks like the following, where X is the amount of money won. x 200 100 50 0 P(X = x) 1/1600 1/1600 1/1600 1597/1600 Find the standard deviation of the amount of money earned (Y) if the cost of entering the raffle is $3 (round to 2 decimal places)
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