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In a lottery, you pick 4 digits (from 1-9) in order (the digits may be repeated). A lottery ticket costs $1, and you win $5000
In a lottery, you pick 4 digits (from 1-9) in order (the digits may be repeated). A lottery ticket costs $1, and you win $5000 if your ticket matches the winning numbers. What is the expected value of playing this lottery? What is the standard deviation of the relevant probability distribution?
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