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Assignment help 1625

by | Apr 10, 2023 | Posted Assignments

One state lottery has 1,100 prizes of \$1; 145 prizes of \$10; 20 prizes of \$75; 5 prizes of \$285; 2 prizes of \$1,080; and 1 prize of \$2,300. Assume that 24,000 lottery tickets are issued and sold for \$1.

1) What is the lottery’s standard deviation of profit per ticket?

One state lottery has 1,000 prizes of \$1; 135 prizes of \$10; 25 prizes of \$50; 5 prizes of \$375; 2 prizes of \$1,060; and 1 prize of \$2,300. Assume that 38,000 lottery tickets are issued and sold for \$1.

2) What is the lottery’s expected profit per ticket?

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