The following table lists the probability distribution for cash prizes in a lottery conducted at Lawsons Department
Question:
The following table lists the probability distribution for cash prizes in a lottery conducted at Lawson’s Department Store:
Prize ($) ................Probability
$0 ..................................0.45
10 .................................0.30
100 ...............................0.20
500 ...............................0.05
If you buy a single ticket, what is the probability that you will win:
a. Exactly $100?
b. At least $10?
c. No more than $100?
d. Compute the mean, variance, and standard deviation of this distribution.
The word "distribution" has several meanings in the financial world, most of them pertaining to the payment of assets from a fund, account, or individual security to an investor or beneficiary. Retirement account distributions are among the most...
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a 020 b 055 c 095 d 04...View the full answer
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Related Book For 
Basic Statistics For Business & Economics
ISBN: 9781259268939
6th Canadian Edition
Authors: Douglas A. Lind, William G Marchal, Samuel A. Wathen, Carol Ann Waite
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