Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

An instant lottery ticket costs $2. Out of a total of 10,000 tickets printed for this lottery, 250 tickets contain a prize of $5

image text in transcribed

An instant lottery ticket costs $2. Out of a total of 10,000 tickets printed for this lottery, 250 tickets contain a prize of $5 each, 125 tickets have a prize of $10 each, 4 tickets have a prize of $1000 each, and 1 ticket has a prize of $5000. Let x be the random variable that denotes the net amount a player wins by playing this lottery. Write the probability distribution of x. Enter the exact answers. Enter your answers for x in increasing order. X P(x) Determine the mean and standard deviation of x. Round your answers to two decimal places. Mean = $ i gain Standard deviation = $ lose On average, the players who play this game are expected to = $ per ticket with a standard deviation of $

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Linear Algebra with Applications

Authors: Steven J. Leon

7th edition

131857851, 978-0131857858

More Books

Students also viewed these Mathematics questions

Question

Discuss whether happier people make more money.

Answered: 1 week ago