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
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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):
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