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 random variable that denotes the net amount a player wins by playing this lottery. Write the distribution of x. Determinet the mean and standard deviation of x. How will you interpret the values of the mean and standart deviation of x.

Answer 1

Answer:

The mean is -$0.4

The standard deviation is $54.78

The meaning of the mean is that on the average the players who play the game are expected to lose $0.4 per ticket.

The standard deviation means that each player differ from the mean by $54.78

Step-by-step explanation:

The step by step solution is attached as an image.