One state lottery has 900 prizes of $1; 145 prizes of $10; 30 prizes of $60; 5 prizes of $325; 2 prizes of $1,110; and 1 prize o
f $2,800. Assume that 34,000 lottery tickets are issued and sold for $1.
a. What is the lottery's expected profit per ticket?
b. What is the lottery's standard deviation of profit per ticket?
a. What is the lottery's expected profit per ticket?
b. What is the lottery's standard deviation of profit per ticket?
1 answer:
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Answer:
The answer is below
Step-by-step explanation:
Let Y represent the profit per day, and x represent the number of bar sold per day. Hence:
Y = 0.25x - 2
a) The mean is given as:
b) The standard deviation of y is:
Answer:
Step-by-step explanation:
