Exercise 12. Seven thousand lottery tickets are sold for $5 each. One ticket will win $2,000, two tickets will win $750 each, and five tickets will win $100 each. Let ? denote the net gain from the purchase of a randomly selected ticket. a. Construct the probability distribution of ?.b. Compute the expected value ?(?) of ?. Interpret its meaning. c. Computer the standard deviation ? of ?.
Exercise 12. Seven thousand lottery tickets are sold for $5 each. One ticket will win $2,000, two tickets will win $750 each, and five tickets will win $100 each. Let ? denote the net gain from the purchase of a randomly selected ticket. a. Construct the probability distribution of ?.b. Compute the expected value ?(?) of ?. Interpret its meaning. c. Computer the standard deviation ? of ?.
Chapter8: Sequences, Series,and Probability
Section8.7: Probability
Problem 50E: Flexible Work Hours In a recent survey, people were asked whether they would prefer to work flexible...
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Exercise 12. Seven thousand lottery tickets are sold for $5 each. One ticket will win $2,000, two tickets will win $750 each, and five tickets will win $100 each. Let ? denote the net gain from the purchase of a randomly selected ticket.
a. Construct the probability distribution of ?.
b. Compute the expected value ?(?) of ?. Interpret its meaning. c. Computer the standard deviation ? of ?.
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