The following table lists the probability distribution for cash prizes in a lottery conducted at Lawson's Department Store. Prize ($) | Probability 7 | 0.3 20 | 0.35 300 | 0.2 4000 | 0.15 If you buy a single ticket, what is the probability that you win No more than $300 Compute the mean Compute the Variance Deviation of this distribution Compute the Standard Deviation of this distribution
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Calculate the mean: = 300*0.3 + 4000*0.15 = 1500 Show more…
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The following table lists the probability distribution for cash prizes in a lottery conducted at Lawson's Department Store. $$\begin{array}{|rc|}\hline \text { Prize (\$) } & \text { Probability } \\\hline 0 & .45 \\10 & .30 \\100 & .20 \\500 & .05 \\\hline\end{array}$$ If you buy a single ticket, what is the probability that you win: a. Exactly $\$ 100 ?$ b. At least $\$ 10 ?$ c. No more than $\$ 100 ?$ d. Compute the mean, variance, and standard deviation of this distribution.
12. The following table lists the probability distribution for cash prizes in a lottery conducted at Lawson's Department Store. Compute the mean, variance and standard deviation of this distribution? X | P(X) 0 | 0.45 10 | 0.30 100 | 0.20 500 | 0.05
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A lottery ticket on the market gives players the chance to win up to $100 instantly in cash prizes. Let X ($) be the discrete random variable of cash prizes available. The following table shows the discrete probability distribution of X. Find the expected value of the cash prize per game for this lottery ticket. Give your answer correctly rounded to two decimal places, do NOT include units in your answer. X P(X) 0 0.3 1 0.6 100 0.1
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