Lottery expected profit per ticket, Basic Statistics

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Lottery expected profit per ticket

A state lottery has:

1100 prizes of $1

145 prizes of $10

25 prizes of $65

5 prizes of $290

2 prizes of $1290

& 1 prize of $2300.

Assuming 37,000 lottery tickets were sold at $1 each,

A) What is the lottery's expected profit per ticket?

B) What is the lottery's standard deviation of profit per ticket?

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Basic Statistics: Lottery expected profit per ticket

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Basic Statistics: Lottery expected profit per ticket

Reference No:- TGS0714210

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Recent Questions Asked Basic Statistics

Q : Confidence interval for the total number of signatures

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Request for Solution File

Ask an Expert for Answer!!

Basic Statistics: Lottery expected profit per ticket

Reference No:- TGS0714210

Recent Questions Asked Basic Statistics

Q : Confidence interval for the total number of signatures

Q : Effect on the standard deviation of adding the same

Q : Give an approximate value of the probability

Q : Calculate an approximate value for the probability

Q : Lottery expected profit per ticket

Q : Quantiles from a normal distribution

Q : Attitudes toward internet security

Q : Advantage of a larger sample size

Q : Strokes of the population mean for the sample

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