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?
Answer to relevant QuestionsRefer to the probability distribution you developed in Exercise 5.20 for the number of lefthanded persons in a sample of two persons. Calculate the mean and standard deviation of x for that distribution. Which of the following are binomial experiments? Explain why. a. Drawing 3 balls with replacement from a box that contains 10 balls, 6 of which are red and 4 are blue, and observing the colors of the drawn balls b. Drawing 3 ...According to a 2011 poll, 55% of Americans do not know that GOP stands for Grand Old Party (Time, October 17, 2011). Suppose that this result is true for the current population of Americans. a. Let x be a binomial random ...An office supply company conducted a survey before marketing a new paper shredder designed for home use. In the survey, 80% of the people who used the shredder were satisfied with it. Because of this high acceptance rate, ...An Internal Revenue Service inspector is to select 3 corporations from a list of 15 for tax audit purposes. Of the 15 corporations, 6 earned profits and 9 incurred losses during the year for which the tax returns are to be ...
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