1. Compare the expected value and the standard deviation of Y and Z. Which one has the higher expected value? Which one has the higher standard deviation? Does playing in one way dominate the other?
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Palmetto Cash 5 Odds Palmetto Cash 5 Prizes Match 5 Odds: Match 4 Odds: Match 3 Odds: Match 2 Odds: $100,000 (1 in 501,942) $300 (1 in 3,042) $5 (1 in 95) $1 (1 in 9.2) x2 $200,000 (1 in 878,399) $600 (1 in 5,324) $10 (1 in 166) $2 (1 in 16) x3 $300,000 (1 in 1,405,438) $900 (1 in 8,518) $15 (1 in 266) $3 (1 in 26) x5 $500,000 (1 in 14,054,376) $1,500 (1 in 85,178) $25 (1 in 2,662) $5 (1 in 258) x10 $1,000,000 (1 in 14,054,376) $3,000 (1 in 85,178) $50 (1 in 2,662) $10 (1 in 258)