The payouts for the Powerball lottery and their corresponding odds and probabilities of

Chapter 0, Problem 42

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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

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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:

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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.

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