Question
One state lottery has 1,100 prizes of $1; 140 prizes of $10; 25 prizes of $60; 5 prizes of $290; 2 prizes of $1,080; and 1 prize of $2,800. Assume that 21,000 lottery tickets are issued
and sold for $1.
Question 3
What is the lottery's expected profit per ticket?
Question 4
What is the lottery's standard deviation of profit per ticket?
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Transcribed Image Text:One state lottery has 1,100 prizes of $1; 140 prizes of $10; 25 prizes of $60; 5 prizes of $290; 2 prizes of $1,080; and 1 prize of $2,800. Assume that 21,000 lottery tickets are issued and sold for $1. Question 3 What is the lottery's expected profit per ticket? Question 4 What is the lottery's standard deviation of profit per ticket?
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