In getting crowd for a consumer exhibition, the organizer runs a lucky draw during the event. Out of a total of 5,000 tickets printed for this lucky draw, 500 tickets contain a prize of $5 each, 50 tickets have a prize of $10 each, 5 tickets have a prize of $1000 each, and 1 ticket has a prize of $10,000. Let x be the random variable that denotes the amount of prize a participant may win by playing this lucky draw. i. Compute the probability distribution of x, P(x). X P(X) ii. Determine the mean and standard deviation of x.

In getting crowd for a consumer exhibition, the organizer runs a lucky draw during the event. Out of a total of 5,000 tickets printed for this lucky draw, 500 tickets contain a prize of $5 each, 50 tickets have a prize of $10 each, 5 tickets have a prize of $1000 each, and 1 ticket has a prize of $10,000. Let x be the random variable that denotes the amount of prize a participant may win by playing this lucky draw. i. Compute the probability distribution of x, P(x). X P(X) ii. Determine the mean and standard deviation of x.

College Algebra (MindTap Course List)

12th Edition

ISBN:9781305652231

Author:R. David Gustafson, Jeff Hughes

Publisher:R. David Gustafson, Jeff Hughes

Chapter8: Sequences, Series, And Probability

Section8.7: Probability

Problem 46E: Assume that a survey of 282 people is taken to determine the opinions of doctors, teachers, and...

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