SOLUTION: An instant lottery ticket costs $1. In a total of 10,000 tickets for the lottery, 1000 tickets contain a prize of $3 each, 100 tickets have a prize of $5 each, five tickets have a

Question 729350: An instant lottery ticket costs $1. In a total of 10,000 tickets for the lottery, 1000 tickets contain a prize of $3 each, 100 tickets have a prize of $5 each, five tickets have a prize of $100 each, and one ticket has a prize of $1000. Let x be the random variable that denotes the net amount a player wins by playing this lottery.
a. Construct the probability distribution table for x.
b. Find the mean and standard deviation of x.
c. How will you interpret the value of the mean of x?
Answer by lynnlo(4176) (Show Source): You can put this solution on YOUR website!

RELATED QUESTIONS
A lottery has a $ 2 000 000 first prize, a $ 250 000 second prize, and a three $5000... (answered by math_tutor2020,ikleyn)

Suppose you buy one ticket for a dollar out of a lottery of a 1000 tickets. Where the... (answered by mbarugel,stanbon)

In the FAQ section of the Wisconsin Lottery website is the question, "If the overall odds (answered by richard1234)

A lottery offers on $1000 prize, one $500 prize and five $100 prizes. Seven hundred... (answered by ikleyn,greenestamps)

The fine print on an instant lottery ticket claims that one in nine tickets win a prize.... (answered by mathmate)

The fine print on an instant lottery ticket claims that one in nine tickets win a... (answered by ikleyn)

A lottery offers one 1000$ prize one 500$ prize and five 100$ prizes One thousand tickets (answered by Boreal,ikleyn)

A lottery consists of one $2000 winner, three $500 winners, and ten $100 winners. A total (answered by Positive_EV)

A lottery has a grand prize of $280,000, five runner-up prizes of $28,000 each, eleven... (answered by ikleyn)