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The owner of a used car lot estimates that 50% of the cars on his lot are worth about $2500, 25% are worth about $5000,
The owner of a used car lot estimates that 50% of the cars on his lot are worth about $2500, 25% are worth about $5000, 10% are worth about $10,000, and the rest are worth about $15,000. He is running a sweepstakes in which the winner blindly draws a key to one of these cars from a fishbowl and gets to keep the car that matches that key.
a. Create a probability model for the random variable of the value of the prize car.
b. What is the expected value of the prize car?
c. What is the standard deviation?
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