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The payouts for the Powerball lottery and their corresponding odds and probabilities of
Chapter 0, Problem 42(choose chapter or problem)
The payouts for the Powerball lottery and their corresponding odds and probabilities of occurrence are shown below. The price of a ticket is $1.00. Find the mean and standard deviation of the payout. Hint: Dont forget to include the cost of the ticket and its corresponding probability
Questions & Answers
QUESTION:
The payouts for the Powerball lottery and their corresponding odds and probabilities of occurrence are shown below. The price of a ticket is $1.00. Find the mean and standard deviation of the payout. Hint: Dont forget to include the cost of the ticket and its corresponding probability
ANSWER:Step 1 of 3
Given
Note that the payout of is obtained when you do't win anything and its probability is 1 decreased by all other known probabilities.