Question

An instant lottery ticket costs $2. Out of a total of 10,000 tickets printed for this lottery, 1000 tickets contain a prize of $5 each, 100 tickets have a prize of $10 each, 5 tickets have a prize of $1000 each, and 1 ticket has a prize of $5000. Let x be the random variable that denotes the net amount a player wins by playing this lottery. Write the probability distribution of x. Determine the mean and standard deviation of x. How will you interpret the values of the mean and standard deviation of x?


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  • CreatedAugust 25, 2015
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