Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The payouts for the Powerball lottery and their corresponding odds and probabilities of occurrence are shown below. The price of a ticket is $1.00 140

image text in transcribed
The payouts for the Powerball lottery and their corresponding odds and probabilities of occurrence are shown below. The price of a ticket is $1.00 140 Divisions Five plus Powerball Match 5 Tour plus Powerball Match 4 Three plus Powerball Match 3 Two plus Powerball One plus Powerball Zero plus Powerball Payout Odds Probability $50,000,000 144,707,962 .000000006910 200,000 3,560,809 .000000280835 10,000 584,012 .000001712290 13,695 .000073014000 140 11,927.000083836400 14 291 003424658000 14 745 .001340483000 4 127 .007812500000 69.014285714000 Click here for the Excel Data File Find the mean and standard deviation of the payout without taking into account the price of the ticket (Do not round intermediate calculations. Round your mean value to 5 decimal places and standard deviation to 3 decimal places.) Mean Standard deviation

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

Real Estate Finance

Authors: John P. Wiedemer, ‎ Keith J. Baker

9th edition

324181426, 324181425, 978-0324181425

More Books

Students also viewed these Finance questions

Question

How to find if any no. is divisble by 4 or not ?

Answered: 1 week ago

Question

Explain the Pascals Law ?

Answered: 1 week ago