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

Question

3 years ago

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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?

Mathematics

1 answer:

Readme [11.4K] · Answer 1 · 2022-03-26T06:33:06+03:00

Readme [11.4K]3 years ago

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Answer:

Step-by-step explanation:

The detailed step by step calculation is as shown in the attached file